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251013.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, October 13, 2025, Vol. 29, No. 285 Headlines 1011778 BC: Moody's Affirms Ba3 CFR & Alters Outlook to Positive 1270 JEFF: Seeks Chapter 11 Bankruptcy in New York 23ANDME HOLDING: Files Second Amended Plan, Disclosure Statement 25 HOWELLS: Seeks Chapter 7 Bankruptcy in New York 484 EMERALD: Seeks Chapter 11 Bankruptcy in New York ADAMS HOMES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ADF CONSTRUCTION: Case Summary & 16 Unsecured Creditors AFRITEX VENTURES: Seeks to Sell Seafood Business at Auction AGDP HOLDING: Orrick & Morris James Represent UCC AHERMAN LLC: Seeks Chapter 11 Bankruptcy in New York ALEON METALS: Gets Court OK for $187.5MM Sale w/ Creditor Deal ALIERA COMPANIES: Zoe Capital Loses Bid to Set Aside Default Order ALL MOMS: Seeks Chapter 11 Bankruptcy in Indiana ALL PHASE: Gets Interim OK to Use Cash Collateral Until Dec. 2 ALTMAN & NELSON: Gets Interim OK to Use Cash Collateral ALTMAN & NELSON: Jarrod Martin Named Subchapter V Trustee AMC ENTERTAINMENT: S&P Raises Senior Secured Notes Rating to 'B' AMERICAN TRASH: Gets Extension to Access Cash Collateral AMERICAN UNAGI: Hires Bernstein Shur Sawyer as Legal Counsel ANCHOR GLASS: S&P Downgrades ICR to 'SD' on Distressed Exchange APPLIED DNA: Clay Shorrock Named CEO Following Judith Murrah's Exit ARAMSCO INC: S&P Downgrades ICR to 'CCC+', Outlook Negative ARCURI BUSINESS: Seeks Chapter 11 Bankruptcy in New York ASP UNIFRAX: S&P Downgrades ICR to 'CCC', Outlook Negative ASTRA ACQUISITION: S&P Downgrades ICR to 'D' on Bankruptcy Filing ASTRA INTERMEDIATE: Moody's Lowers PDR to 'D-PD' Amid Ch. 11 Filing ATECH (PARENT): ATech/ATI Unsecured Claims Will Get 12.3% to 13.8% ATLANTICA SUSTAINABLE: S&P Downgrades ICR to 'B+', Outlook Stable AVAYA INC: Nuveen Credit Marks $8.4MM Loan at 21% Off AZ 400 HERKIMER: Seeks Chapter 11 Bankruptcy in New York BABA NANAK: Case Summary & Nine Unsecured Creditors BABA NANAK: Seeks Chapter 11 Bankruptcy in Wisconsin BAYSIDE LIMO: Gets Final OK to Use Cash Collateral BECKHAM JEWELRY: Claims to be Paid From Available Cash and Income BED BATH: Secures Final Court OK for $1.95MM ERISA Deal BEELAND PROPERTIES: Hires Beau Box as Real Estate Broker BELL BUSINESS: Voluntary Chapter 11 Case Summary BH DOWNTOWN: Updates Unsecured Claims Pay; Files Amended Plan BIOXCEL THERAPEUTICS: Integrated Core, Three Others Hold 5.2% Stake BISCUIT BAR: Gets Interim OK to Use Cash Collateral BOKQUA LLC: Aurora Property Sale to N. Salas Nunez & A. Cruz OK'd BOKQUA LLC: To Sell Odessa Property to Z. & R. DeLoach for $555K BOSQUE BREWING: Section 341(a) Meeting of Creditors on November 6 BOXLIGHT CORP: L1 Capital Holds 7.8% of Class A Common Shares BROOKDALE SENIOR: Nikolas Stengle Appointed as CEO, Director BROTHER JOHN'S: Files Emergency Bid to Use Cash Collateral BURGER BOSSCO: S&P Withdraws 'CCC+' Issuer Credit Rating BURGERFI INT'L: $120,000 Cash Belongs to DIP Lender, Court Says BW HOMECARE: S&P Lowers ICR to 'SD' on Completed Debt Transaction C & P AUTO: Section 341(a) Meeting of Creditors on November 6 CABALLITO LLC: Seeks Chapter 11 Bankruptcy in Puerto Rico CALDERIA INC: Voluntary Chapter 11 Case Summary CALDERIA LLC: Seeks Chapter 11 Bankruptcy in Massachusetts CAREVIEW COMMUNICATIONS: Extends Credit Deal Maturity to Dec. 31 CAUSEY STREETER: Case Summary & Four Unsecured Creditors CELSIUS HOLDINGS: S&P Rates New $700MM Term Loan B 'BB+' CENTER FOR SPECIAL: Court OKs Clearwater Property Sale to D. Quirk CHEMTRADE LOGISTICS: DBRS Assigns 'BB' Credit Rating, Trend Stable CHICAGO US MIDCO: S&P Assigns 'B' ICR, Outlook Stable CHPPR MIDCO: S&P Upgrades ICR to 'B', Outlook Stable CHURCHILL DOWNS: S&P Lowers ICR to 'BB-', Outlook Stable CINEMAWORLD OF FLORIDA: To Sell Melbourne Property to Liquidation CITY BREWING: Nuveen Credit Marks $2MM Loan at 72% Off CITY BREWING: Nuveen Credit Marks $771,288 Loan at 73% Off CITY BREWING: S&P Upgrades ICR to 'CCC' on Debt Restructuring COALINGA, CA WATER: S&P Affirms 'BB+' Revenue Bonds Rating COCOS MARISCOS: Seeks Subchapter V Bankruptcy in Washington COLORART LLC: Lender Seeks Receivership Over $26MM Unpaid Debt COMPREHENSIVE HEALTHCARE: Seeks Cash Collateral Access CONTEMPORARY MEDICAL: Case Summary & 12 Unsecured Creditors COORSTEK INC: Moody's Assigns 'B1' CFR, Outlook Stable COSMOS HEALTH: All Proposals Approved at 2025 Annual Meeting COUNTRY GARDEN: Chapter 15 Case Summary CREATIVE LIVING: Seeks Chapter 11 Bankruptcy in Georgia CRUZ TEC: Jarrod Martin Named Subchapter V Trustee CUBE INTERMEDIATE: S&P Rates $647MM First-Lien Term Loan 'B' CUBIC CORP: Nuveen Credit Marks $939,000 Loan at 26% Off CYTTA CORP: Reports Q2 Net Income of $6.22M CYXTERA DC: Nuveen Credit Virtually Writes Off $581,141 Loan DALRADA FINANCIAL: Reports $24.67 Million Net Loss for FY2025 DATAVAULT INC: Closes $12 Million Convertible Note Offering DBA INVESTMENTS: Seeks Chapter 7 Bankruptcy in Louisiana DECKER & WILLIAMS: Section 341(a) Meeting of Creditors on Oct. 24 DIOCESE OF BUFFALO: DOB Entities' Cash Contribution to Fund Plan DOOR COUNTY: Loses Bid to Reinstate Exclusivity Period DOVGAL EXPRESS: Court Extends Cash Collateral Access to Oct. 31 DR. JOHN DAIGNAULT: Unsecureds Will Get 13.9% of Claims in Plan DRI HOLDING: S&P Alters Outlook to Stable, Affirms 'B-' ICR DYE & DURHAM: S&P Lowers ICR to 'B-', Outlook Negative EE TLB BORROWER: S&P Assigns Prelim 'BB-' Rating on Secured Debt ELANCO ANIMAL: S&P Upgrades ICR to 'BB' on Lower Leverage ELECTRIC BICYCLE: Seeks Chapter 7 Bankruptcy in California ENERGOS INFRASTRUCTURE: S&P Assigns 'BB' ICR, Outlook Stable EVALINA LLC: Gets Interim OK to Use Cash Collateral EVERCOMMERCE SOLUTIONS: Moody's Affirms 'B1' CFR, Outlook Stable EYECARE PARTNERS: Nuveen Credit Marks $2.8MM Loan at 21% Off FACEBANK INT'L: DBRS Puts 'BB' LongTerm Issuer Rating Under Review FAITH ELECTRIC: Seeks Additional $500,000 DIP Loan From F&M Bank FANATICS COLLECTIBLES: S&P Ups Sec. Credit Facility Rating to 'BB' FINLEY DESIGN: Court Extends Cash Collateral Access to Oct. 31 FIRST BRANDS: Creditors' Committee Named in Chapter 11 FIRST BRANDS: DOJ Starts Probe on Company's Collapse FIT & THRIVE: Seeks Cash Collateral Access FLAME LLC: Amends Unsecured Claims Pay Details FLOWER APARTMENTS: Deal to Use U.S. Bank's Cash Collateral OK'd FORTRESS HOLDINGS: Lender Opposes Confirmation of Ch. 11 Plan FORTRESS INVESTMENT: Fitch Affirms BB LongTerm IDR, Outlook Stable FOUNDATION FOR INDIANA: S&P Affirms 'B' Rating on 2007A Rev. Bond FOUR PALMS: Gets Interim OK to Use Cash Collateral FREE SPEECH: Jones Asks High Court to Pause Defamation Ruling FRONTLINE MEDICAL: Court Affirms Subchapter V Plan Confirmation GAMIL EDHAH: Voluntary Chapter 11 Case Summary GBOGBARA INC: Section 341(a) Meeting of Creditors on November 3 GENESIS HEALTHCARE: Halts Litigation Against Owners, Workers GENESIS HEALTHCARE: Whitaker Represents Nursing Home Patients GLASS MANAGEMENT: Court Extends Cash Collateral Access to Oct. 31 GOAT HOLDCO: S&P Affirms 'B' ICR on Credit-Neutral Spin-Off GOBLYN HEAD: Melissa Haselden Named Subchapter V Trustee GRANT PARK: Retains Edward Izzi & Associates as Accountants GRANT PARK: Taps the Law Office of David R. Herzog as Counsel GREAT EASTERN: Court OKs Water Craft Sale to KA Marine for $500 GREEN COPPERFIELD: Claims to be Paid from Business Income GRUBHUB HOLDINGS: Moody's Affirms 'B3' CFR, Outlook Stable GUNNISON VALLEY: Employs Keen-Summit as Real Estate Broker HALL OF FAME: Extends Merger Termination With HOFV to Oct. 17 HALL OF FAME: Increases Facility to $20M in 11th Amendment HEALTHY EXTRACTS: Inks Merrger Ddeal With GUSA, Issues 13.1M Shares HELIX ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable HERITAGE COLLEGIATE: Elemental, et al. Lose Bid to Dismiss Lawsuit HERITAGE COLLEGIATE: Vault Loses Bid to Dismiss Adversary Case HERTZ CORP: Court Trims Claims in Stephen "Do Not Rent List" Case HOUSTON THERAPY: Seeks Subchapter V Bankruptcy in Mississippi HUDSON CRUISES: Seeks Chapter 7 Bankruptcy in New York HUNTERSTOWN GENERATION: S&P Affirms BB- Rating on Sec. Term Loan B HYPERION DEFI: Board Member Michael Rowe Steps Down ICG US 2022-1: S&P Assigns BB- (sf) Rating on Class E-R Notes ICORECONNECT INC: Gets Final Approval to Use Cash Collateral IF YOU PLEASE: Michael Carmel Named Subchapter V Trustee IMPACT STAFFING: Case Summary & 20 Largest Unsecured Creditors INDUSTRIAL HOLDCO: S&P Assigns 'B' ICR, Outlook Stable INNOPHOS HOLDINGS: Moody's Cuts CFR to B3 & Alters Outlook to Neg. INTEGRAL LEAPS: Case Summary & One Unsecured Creditor INTEGRAL LEAPS: Seeks Chapter 11 Bankruptcy in California IPS CORP: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable J2KE INC: Seeks to Sell Coffee Franchise at Auction JACKSONVILLE MOVING: Gets Extension to Access Cash Collateral JAGUAR HEALTH: Signs Private Placement With Brown Stone Capital JHRG MANUFACTURING: Gets Interim Approval to Use Cash Collateral JJTA11 REAL: Seeks Chapter 11 Bankruptcy in Florida JOSEPH PERRY JOINER: Sec. 1111(b) Election Valid in Subchapter V JSG I INC: S&P Withdraws 'B-' Long-Term Issuer Credit Rating JUBILEE HILLTOP: Court Extends Cash Collateral Access to Dec. 31 KANTAR GLOBAL: S&P Alters Outlook to Stable, Affirms 'B-' ICR KIDDE-FENWAL INC: Files Amended Plan; Plan Hearing March 23, 2026 KIDTASTIC CONSULTING: Employs Gensburg Calandriello as Counsel KPOWER GLOBAL: Taps Leverage Supply as Restructuring Officer KRCM ASTORIA: Seeks Chapter 11 Bankruptcy in New York KRONOS ACQUISITION: Nuveen Credit Marks $2.2MM Loan at 14% Off L & D CAFE: Gets Final OK to Use Cash Collateral LCPR LOAN: Nuveen Credit Marks $1.1MM Loan at 24% Off LEGENCE HOLDINGS: Moody's Hikes CFR to 'B1', Outlook Stable LEGENCE HOLDINGS: S&P Ups ICR to 'B+' on Debt Reduction After IPO LIBERTY INTERACTIVE: Moody's Cuts CFR to 'Caa3', Outlook Negative LIVE NATION: Moody's Rates Proposed Secured Loans 'Ba1' LIVE NATION: S&P Rates New $1.3BB Senior Secured Term Loan 'BB' LIVEONE INC: Appeals Nasdaq Delisting Following Reverse Split LOS TRECE TEXAS: St. Amas Win Bid to Dismiss Bankruptcy Case MARYLAND HEALTH: Case Summary & 13 Unsecured Creditors MEDICAL SOLUTIONS: Nuveen Credit Marks $3.1MM 1L Loan at 44% Off METROPOLIS TECHNOLOGIES: Moody's Assigns First Time 'B3' CFR METROPOLIS TECHNOLOGIES: S&P Assigns 'B-' ICR, Outlook Stable MIDWEST MOBILE: Amends Unsecureds & IRS Claims Pay Details MILOVAN INC: Seeks Subchapter V Bankruptcy in California MISSION LANE: Fitch Assigns 'Bsf' Rating on Class F Notes MJD GLOBAL: Employs Florida Bankruptcy Group as Counsel MJD GLOBAL: Hires Florida Bankruptcy Group as Legal Counsel MJD GLOBAL: Section 341(a) Meeting of Creditors on November 3 MK RE HOLDINGS: Case Summary & 20 Largest Unsecured Creditors MODIVCARE INC: Court Reschedules Chapter 11 Confirmation MONTGOMERY TRANSPORT: Shuts Down, Plans to File Ch. 7 Bankruptcy MP OCTOPUS: Gets Final OK to Use Cash Collateral NATIONAL MENTOR: S&P Rates New $2.5BB Term Loan and Revolver 'B-' NEEDSPACE VENTURE: Lender Seeks to Prohibit Cash Collateral Access NEW FORTRESS: Nuveen Credit Marks $1.2MM Loan at 53% Off NIX & NIX FUNERAL: Voluntary Chapter 11 Case Summary NORTH AMERICAN CONSTRUCTION: DBRS Gives (P)BB(high) Credit Rating NOVA AT SUMMER: Case Summary & 20 Largest Unsecured Creditors NOVA LIFESTYLE: BVI Unit Closes Sale of 99.8% Stake in Preamble OFFICE PROPERTIES: Misses $30.8M Interest on Senior Secured Notes OFFSHORE SAILING: Court OKs Sailboat Sale to B. Crotty for $215K OI SA: Announces Resignation of CFO, CEO OTWO INC: Seeks Chapter 7 Bankruptcy in California PARENTS TELEVISION: Seeks Chapter 7 Bankruptcy in Delaware PARKERVISION INC: All Four Proposals OK'd at Annual Meeting PHOENIX AVIATION: S&P Assigns 'B' ICR, Outlook Stable PHOENIX COMMODITIES: Chapter 15 Case Summary POOLE FUNERAL: Gets Final Approval to Use Cash Collateral PORTSMOUTH SQUARE: $9.11M Loss in FY25; Going Concern Alleviated PRESBYTERIAN HOMES: Ownership Interest Sale to Housing Part OK'd PRESTON CONSULTING: Section 341(a) Meeting of Creditors on Nov. 10 PRESTON CYCLES: Section 341(a) Meeting of Creditors on November 10 PRO MACH: Moody's Rates New Secured First Lien Term Loan 'B2' PROSPECT MEDICAL: Bankruptcy Plan Triggers Wave of Objections PROSPECT MEDICAL: Secures Court OK for $45MM Yale Health Deal PUERTO RICO: BlackRock, Franklin Reduce Stakes in PREPA Bonds R&R TRANSPORT: Case Summary & 13 Unsecured Creditors RACKSPACE FINANCE: Nuveen Credit Marks $6.5MM 1L Loan at 48% Off RAS DATA: Court OKs Bid Rules for Rail Car Management Biz Sale RENEWAL REALTY: Voluntary Chapter 11 Case Summary RENHURST HOLDINGS: Section 341(a) Meeting of Creditors on Nov. 12 RETREAT AT JARRETT: Gets Interim OK to Use Cash Collateral RICHERT FUNDING: Court Tosses Elkhorn, et al. Appeal RITE AID: Denies Accusations of Violating CVS Transaction Terms ROCK N CONCEPTS: Court OKs The Colony Property Sale to LMG Ventures RONALD JINSKY: Inks Deal to Use FNBT's Cash Collateral ROYAL G.L.S.: Seeks Chapter 11 Bankruptcy for 2nd Time RUNITONETIME LLC: Plans to Sell Casinos, Other Properties in Ch. 11 RUNITONETIME LLC: Teamsters Local Seeks Review of Maverick Sale SAFE & GREEN: Olenox Signs $3M Deal to Purchase Texas Property SANUWAVE HEALTH: Appoints Daniel Coyle as Chief Operating Officer SANUWAVE HEALTH: President Andrew Walko Terminated SARASOTA SEAFOOD: Case Summary & 18 Unsecured Creditors SARASOTA SEAFOOD: Seeks Subchapter V Bankruptcy in Florida SCILEX HOLDING: $2.7M Warrant Exercise Yields 275K New Warrants SECURECOMM TECHNOLOGIES: Hires Hoffman & Saweris as Counsel SECURECOMM TECHNOLOGIES: Jarrod Martin Named Subchapter V Trustee SEMECHKI LLC: Seeks Chapter 7 Bankruptcy in New York SINCLAIR INC: Taps Ex-CFO Lucy Rutishauser as Consultant SMITH'S BARBEQUE: Seeks Subchapter V Bankruptcy in Mississippi SOUTHERN AUTO: Court Extends Cash Collateral Access to Nov. 1 SPIRIT AIRLINES: Secures Court OK on $200MM DIP, AerCap Lease Deal SPIRIT AVIATION: Hires Davis Polk & Wardwell as Legal Counsel SPIRIT AVIATION: Hires PJT Partners as Investment Banker SPIRIT AVIATION: Taps Epiq Corporate as Administrative Agent SPLASH BEVERAGE: Board Adopts 2025 Equity Incentive Plan SPLASH BEVERAGE: Board Adopts Bylaws to Revise Quorum, Voting Rules SRX HEALTH: Reports $15.1 Million Net Loss in Fiscal Q3 SS&C TECHNOLOGIES: $1.05BB Loan Add-on No Impact on Moody's Ba2 CFR STAMFORD MANAGEMENTCO: Seeks Chapter 7 Bankruptcy in New York STEELHOMES MODULAR: Case Summary & 20 Largest Unsecured Creditors STERLION CREATIONS: Unsecureds to Get 2 Cents on Dollar in Plan STS RENEWABLES: To Sell Drilling Business to 273 for $11.79MM SWAHILI VILLAGE: Gets Interim OK to Use Cash Collateral SYNECHRON HOLDINGS: S&P Affirms 'B+' ICR, Outlook Stable T&H 115: Seeks Chapter 7 Bankruptcy in New York TALEN ENERGY: Moody's Confirms Ba3 CFR & Alters Outlook to Negative TEKNATOOL USA: Gets Extension to Access Cash Collateral TELESAT LLC: Nuveen Credit Marks $1.1MM Loan at 36% Off TOCO HOLDINGS: Seeks to Hire Andrews Myers as Legal Counsel TRANSOCEAN LTD: Announces $243M in Exercised Options for Drillships TRB SUPPLY: Gets Final OK to Use Cash Collateral TRICO MILLWORKS: Gets Final OK to Use Cash Collateral TRICOLOR AUTO: Stops Paying Rent Prior to Ch. 7, Landlords Say TRIDENT EQUITIES: Section 341(a) Meeting of Creditors on Nov. 10 TURQUOISE LLC: Case Summary & 20 Largest Unsecured Creditors TURQUOISE LLC: Seeks Subchapter V Bankruptcy in Iowa UNITED CABINET: Case Summary & 20 Largest Unsecured Creditors UNITI FIBER: Fitch Assigns 'BB-(EXP)sf' Rating on Class C Notes VALLEY JUICE: Case Summary & 20 Largest Unsecured Creditors VDR MULTIFAMILY: Section 341(a) Meeting of Creditors on November 14 VERIJET INC: Seeks Chapter 7 Protection w/ $10.5MM Jet Card Debts VF CORP: S&P Withdraws 'B' Short-Term Issuer Credit Rating VICTORIA'S KITCHEN: Seeks Cash Collateral Access Until Nov. 30 VOYAGER DIGITAL: Court Refuses to Toss Binance Suit Contract Claims VSBROOKS INC: Gets Extension to Access Cash Collateral WARRIORS BOXING: Seeks Chapter 7 Bankruptcy in Florida WESTSIDE 1767: Seeks Chapter 7 Bankruptcy in New York WESTSIDE TOW: Case Summary & 19 Unsecured Creditors WESTSIDE TOW: Seeks Chapter 11 Bankruptcy in California WFL BUILDERS: Seeks Chapter 11 Bankruptcy in New York WHITTAKER CLARK: States Ask Court to Revisit Talc Liability Ruling WILCOV HOLDINGS: Riverdale Property Sale to Curtis Thompson OK'd WILDEC LLC: Case Summary & Five Unsecured Creditors WIN WASTE: Moody's Affirms 'B3' CFR & Alters Outlook to Positive WOLVERINE WORLD: S&P Raises $600MM Revolver Rating to 'BB-' XTREME SPORTS: Scott Seidel Named Subchapter V Trustee ********* 1011778 BC: Moody's Affirms Ba3 CFR & Alters Outlook to Positive ---------------------------------------------------------------- Moody's Ratings changed 1011778 B.C. Unlimited Liability Company's ("1011778 B.C.") outlook to positive from stable. At the same time, Moody's affirmed the company's ratings, including its Ba3 corporate family rating, Ba3-PD probability of default rating, Ba2 senior secured first lien bank credit facilities ratings, Ba2 senior secured first lien global notes ratings and B2 senior secured second lien global notes ratings. 1011778 B.C.'s SGL-1 speculative grade liquidity rating (SGL) remains unchanged. 1011778 B.C. is the debt issuing subsidiary of parent company, Restaurant Brands International Inc. (together, "RBI"). The outlook change to positive reflects governance considerations particularly RBI's improved operating performance and credit metrics, and Moody's expectations for meaningful further improvement over the next 12-18 months as the company focuses on de-leveraging through profitable growth and debt reduction. Despite the difficult consumer spending and inflationary cost environment, RBI's system-wide sales continue to expand as a result of positive comparable sales and unit growth. When combined with effective cost management, the company has reported positive organic adjusted operating income growth that Moody's expects to continue over time. RBI's Moody's adjusted debt/EBITDA fell below 5.5x as of June 2025 and Moody's expects this metric to improve below 5.0x over the next 12-18 months. In addition, liquidity remains very good, supported by Moody's expectations that operating cash flow, balance sheet cash and ample revolver availability will comfortably exceed all internal cash requirements including mandatory amortization, capital expenditures and dividends over the next 12-18 months. RATINGS RATIONALE RBI's Ba3 CFR benefits from its significant scale in terms of global systemwide units and brand recognition with a diversified portfolio of restaurant concepts, including Burger King, Popeyes, Tim Hortons and Firehouse Subs. Although it acquired its largest Burger King franchisee in May 2024, RBI's business model still remains largely franchised focused, at over 90%, which provides more stability to earnings and cash flow than peers who primarily operate large numbers of restaurants. In addition, RBI's diversified day part and food offerings and very good liquidity also support the rating. RBI's rating is constrained by its high, but improving, leverage and modest retained cash flow to debt as well as the need to further execute its Reclaim the Flame plan to sustainably improve the overall health of its Burger King system. The change to CIS-3 from CIS-4 reflects the change in RBI's governance score to G-3 from G-4. The new scores reflect Moody's assessments that RBI's governance risk has improved given its focus on further deleveraging through earnings growth and debt reduction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded should there be a sustained strengthening of credit metrics through both earnings growth and debt reduction, with Moody's-adjusted debt/EBITDA maintained below 5.0x and EBIT/interest maintained above 3.0x. A higher rating would also require the company's commitment to preserving credit metrics at these levels at all times, and to maintaining very good liquidity including solid positive free cash flow. Ratings could be downgraded if the company experiences a material deterioration in performance or liquidity, or should financial policy turn more aggressive, leading to Moody's-adjusted debt/EBITDA rising above 5.75x or EBIT to interest falling under 2.5x on a sustained basis. 1011778 B.C. Unlimited Liability Company is the debt issuing subsidiary of parent company, Restaurant Brands International Inc., which owns, operates and franchises 32,229 restaurants globally under the Burger King, Tim Hortons, Popeyes and Firehouse Subs brands. Revenue approached $8 billion for the twelve month period ended June 30, 2025 (excluding advertising revenue), although systemwide sales are over $45 billion. 3G Restaurant Brands Holdings LP, owns approximately 26% of the combined voting power with respect to Restaurant Brands International Inc. (RBI) and is affiliated with private investment firm 3G Capital Partners, Ltd. The principal methodology used in these ratings was Restaurants published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. 1270 JEFF: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- 1270 Jeff LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York on October 8, 2025. According to the filing, the company listed liabilities ranging from $1 million to $10 million. 1270 Jeff LLC indicated that it has between one and 49 creditors. About 1270 Jeff LLC 1270 Jeff LLC is a single asset real estate company. 1270 Jeff LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44868) on October 8, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. 23ANDME HOLDING: Files Second Amended Plan, Disclosure Statement ---------------------------------------------------------------- Chrome Holding Co. f/k/a 23andMe Holding Co. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 24, 2025, the Debtors filed the First Amended Joint Plan of Chrome Holding Co. and its Debtor Affiliates and a related amended disclosure statement with the Court. On September 25, 2025, the Court held a hearing to consider, among other things, approval of the Amended Proposed Disclosure Statement and approved the Amended Proposed Disclosure Statement, subject to certain modifications thereto. On September 30, 2025, the Company and certain of its subsidiaries filed the Second Amended Joint Plan of Chrome Holding Co. and its Debtor Affiliates and a further Amended Disclosure Statement to make certain changes requested at the Hearing. As previously disclosed, on August 15, 2025, the Debtors filed with the Court the Joint Plan of Chrome Holding Co. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code and a related disclosure statement. The Amended Proposed Plan, the Second Amended Proposed Plan, the Amended Proposed Disclosure Statement and the Second Amended Disclosure Statement have been updated to reflect, among other terms: (a) two additional classes of claims against the Debtors, (b) a new settlement agreement between the Debtors and certain litigation plaintiffs, and (c) a toggle structure whereby the Chrome Debtors (as defined in the Second Amended Proposed Plan) may enter into an Equity Sale Transaction (as defined in the Second Amended Proposed Plan) pursuant to which the Chrome Debtors may continue in existence, reorganize, and/or reinstate or otherwise preserve the equity interests of the Chrome Debtors in order to maximize the value of their estates for the benefit of their stakeholders. Although the Debtors intend to pursue the objectives and the terms set forth in the Second Amended Proposed Plan and the Second Amended Proposed Disclosure Statement, there can be no assurance that the Court will approve the Second Amended Proposed Plan or that the Debtors will be successful in consummating the transactions set forth in the Second Amended Proposed Plan or any similar transaction, on different terms or at all. The Bankruptcy Code does not permit solicitation of acceptances of a chapter 11 plan until the Court enters an order approving the disclosure statement relating to the chapter 11 plan. Accordingly, neither the Debtors' filing of the Second Amended Proposed Plan and Second Amended Proposed Disclosure Statement, nor this Current Report on Form 8-K, is a solicitation of votes to accept or reject the Second Amended Proposed Plan. Any such solicitation will be made pursuant to and in accordance with applicable law, including orders of the Court. Copies of the Amended Proposed Plan, the Amended Proposed Disclosure Statement, the Second Amended Proposed Plan, and the Second Amended Proposed Disclosure Statement are available at https://tinyurl.com/5frjxeyp, https://tinyurl.com/mr2z6nbn, https://tinyurl.com/5hesr9ar, and https://tinyurl.com/bdd2avha, respectively. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 25 HOWELLS: Seeks Chapter 7 Bankruptcy in New York -------------------------------------------------- On October 3, 2025, 25 Howells Corp. voluntarily filed for Chapter 7 bankruptcy in the Eastern District of New York. Court documents show that the company’s liabilities in the range of $0 to $100,000, with an estimated 1–49 creditors. About 25 Howells Corp. 25 Howells Corp. is a single asset real estate company. 25 Howells Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73828) on October 3, 2025. In its petition, the Debtor reports estimated assets and liabilities Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. 484 EMERALD: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On October 8, 2025, 484 Emerald Development Corp. voluntarily filed for Chapter 11 bankruptcy in the Eastern District of New York. The company's petition shows debts estimated between $1 million and $10 million. Court filings further reveal that 484 Emerald Development Corp. reports 1 to 49 creditors. About 484 Emerald Development Corp. 484 Emerald Development Corp. is a single asset real estate company. 484 Emerald Development Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44877) on October 8, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jil Mazer-Marinohandles the case. ADAMS HOMES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has downgraded Adams Homes, Inc.'s unsecured RCF rating to 'BB-' with a Recovery Rating of 'RR3' from 'BB+'/'RR1' and affirmed its Long-Term Issuer Default Rating (IDR) at 'B+' and senior unsecured notes at 'BB-'/'RR3'. The RFC downgrade follows the recent amendment to the facility, which removed the provision allowing lenders to secure their interest upon default. With the springing lien provision removed, Fitch considers the RCF unsecured in the recovery waterfall. Previously, a variation from the criteria was made in rating Adams' senior unsecured revolver 'BB+'/'RR1,' as the credit agreement included a springing lien provision, which Fitch believed would be triggered well ahead of distress. This would result in the unsecured revolver becoming secured. The unsecured bond indenture permits the revolver to be secured without ratably securing the unsecured bonds. Under Fitch's "Corporates Recovery Ratings and Instrument Ratings Criteria" unsecured debt instruments for issuers rated 'B+' are capped at 'BB-'/'RR3'. Key Rating Drivers Limited Geographic Diversification: Adams is substantially less geographically diversified than most U.S. homebuilders in Fitch's portfolio. The company's concentration in the southeastern U.S. exposes it to an outsized impact during cyclical downturns or a significant decline in housing demand in the region. As of June 30, 2025, Adams had 147 active communities across seven states. Elevated Leverage: Adams has limited rating headroom relative to the net debt to capitalization negative rating sensitivity for the 'B+' IDR. Fitch-calculated net debt to capitalization, which includes $200 million of shareholder loan and excludes $50 million of cash classified by Fitch as not readily available for working capital, was 56.8% as of June 30, 2025, slightly above Fitch's negative sensitivity of above 55% for the 'B+' IDR. Fitch expects this ratio to be below 55% at YE 2025. EBITDA leverage was 3.9x for the LTM June 30, 2025, and Fitch projects this ratio will be between 3.0x and 4.0x in 2025 and 2026. EBITDA leverage is strong for the 'B+' IDR. Management has a leverage target of total debt to capitalization below 45% to which it has adhered to in recent years. However, the company excludes the shareholder loan from its calculation. Fitch expects Adams to use balance sheet cash and revolver borrowings to replenish inventory and continue to grow its footprint, which should keep Fitch-calculated net debt to capitalization steady around 50% to 55% through YE 2026. Lower Margins: Fitch expects EBITDA margins to fall by 130-180 bps in 2025 and improve slightly in 2026. Elevated incentives and price adjustments and higher land and labor costs will offset operating leverage from higher home deliveries. EBITDA margins were 15.1% in 2024, 16.9% in 2023, and 18.4% in 2022. Financial Flexibility: Adams has sufficient liquidity in cash, revolver availability and funds from operations (FFO) to replenish its existing land portfolio and support modest growth. Fitch's rating case forecast does not incorporate sizable shareholder distributions in the intermediate term but assumes modest reduction of its shareholder loan. Entry-Level Focus: Adams sells homes targeting entry-level segments. This strategy has resulted in strong operating performance and order growth in recent years as home affordability constraints have led to higher demand for reasonably priced product offerings. Fitch expects demographic trends to continue to support long-term demand for entry-level homes. However, demand at lower price points can be more cyclical and volatile, as first-time buyers are more sensitive to higher mortgage rates and home prices and deteriorating economic conditions. Land Strategy: Adams' land strategy reduces the risk of volatility and impairment charges in a contracting housing market partly due to the company's strategy of only purchasing developed lots. As of June 30, 2025, Adams controlled 12,395 lots, including homes in backlog, representing a 6.6% YoY increase in total lots controlled. About 64% of lots under control were owned, and the remainder were controlled through options. Based on LTM closings, Adams controlled 3.9 years of land and owned 2.5 years. Ownership Structure: Adams is privately held, with concentrated ownership and weak governance controls relative to larger, public homebuilders under Fitch's coverage. Capital allocation decisions are made by one individual, which poses significant key-person risk. The company's credit agreement and bond indentures contain restrictive covenants that protect debtholders, but sizable cash distributions could weaken the balance sheet and pressure the ratings. Cash Flow: Fitch expects Adams to generate neutral cash flow from operations (CFO) in 2025 following negative CFO of $39 million in 2024 as the company ramped up land and development spending as well as higher spec activity. Fitch expects Adams to generate flat to slightly negative CFO in 2026 as the company continues to grow its operations. Adams' IDR reflects Fitch's expectation that management will reduce inventory spending if market conditions deteriorate and monetize its housing inventory. This should allow the company to generate strong cash flow, which can then be used to pay down debt or build cash during housing downturns. Housing Market Remains Challenged: Fitch expects the housing market to remain weak during the remainder of 2025, as low housing affordability, low consumer confidence, and a weak economic backdrop will keep housing demand constrained. Higher-for-longer mortgage rates and elevated home prices will challenge affordability. However, homebuilders' ability to adjust product offerings and offer mortgage rate buydowns will make new homes an attractive alternative for potential homebuyers. Fitch expects a slight improvement in housing activity in 2026. Peer Analysis Adams Homes is smaller than STL Holding Company, LLC (dba DSLD Homes; B+/Stable) and Dream Finders Homes (BB-/Positive). Adams is more geographically diversified than DSLD Homes. Adams has a similar EBITDA margin profile as Dream Finders but has higher EBITDA leverage and net debt to capitalization than Dream Finders and DSLD Homes. All three issuers build a moderate amount of speculative homes and have significant exposure to entry-level homes, but both DSLD and Dream Finders has greater exposure to other price points and buyer segments. Key Assumptions - Revenue rises in the low-single digits in 2025 and mid-single digits in 2026; - EBITDA margin of 13.3%-13.8% in 2025 and 13.5%-14% in 2026; - CFO neutral in 2025 and neutral to slightly negative in 2026; - Net debt to capitalization of 53%-54% at YE 2025 and around 50% at YE 2026; - EBITDA leverage of 3.5x-4.0x in 2025 and 3.0x-3.5x in 2026; - No shareholder distributions during the forecast period. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Adams would be reorganized as a going concern (GC) rather than liquidated in a recovery scenario; Fitch has assumed a 10% administrative claim; Fitch has assumed an enterprise value (EV) multiple of 5.5x. GC Approach The GC EBITDA estimate of $100 million reflects Fitch's view of a post-restructuring sustainable level of EBITDA on which the agency bases the EV. The GC EBITDA is based on Fitch's assumption that distress could result from weakening in the housing market combined with loss of market share in key markets. Fitch estimates annual revenues of $875 million (22% lower than 2024 revenues) and EBITDA margin of 11.5% (about 360 bps below 2024) would capture the lower revenue base of the company after a housing downturn, plus a sustainable margin profile post restructuring. The GC EBITDA is 36% lower than LTM June 30, 2025, EBITDA. Fitch applies a 5.5x GC EBITDA multiple to calculate the post-reorganization EV. The choice of the multiple considers the following factors: Fitch used a 5.5x multiple to calculate the EV of DSLD Homes. DSLD Homes is the 24th-largest homebuilder by deliveries with operations in Louisiana, northwest Florida, Alabama, Mississippi and east Texas. Fitch used a 6.0x multiple to calculate the EV for Empire Communities Corp. (Empire; B-/Stable). Empire is one of the largest low-rise builders in the Greater Golden Horseshoe and Greater Toronto areas and has a growing presence in the U.S. Trading multiples (EV/EBITDA) for public homebuilders have ranged between 5.5x and 8.5x over the past 24 months, Fitch assumes the RCF will be 70% drawn at the time of recovery, which accounts for potential shrinkage in the available borrowing base during a period of weaker demand and contracting inventory levels that causes a default. The allocation of the value in the liability waterfall results in a recovery corresponding to an 'RR2' for the unsecured RCF and unsecured notes. However, for issuers with an IDR of 'B+' or lower, unsecured debt instruments are capped at 'RR3'/+1, resulting in a 'BB-' rating with a Recovery Rating of 'RR3' for the unsecured revolver and senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Net debt to capitalization sustained above 55%; - EBITDA interest coverage falls below 2.0x; - EBITDA leverage sustainably above 4.5x; - Inventory to debt consistently below 1.2x; - Deterioration in the company's liquidity profile, including consistently negative CFO and limited availability under its RCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The company increases its size, further enhances its geographic diversification and market leadership positions, and broadens its product offering beyond the entry-level subsector; - Net debt to capitalization is consistently below 45% and it maintains a healthy liquidity position; - Fitch's expectation that EBITDA leverage will sustainably below 4.0x. Liquidity and Debt Structure As of June 30, 2025, Adams had ample liquidity with $132.2 million of cash on the balance sheet and no borrowings outstanding under its $325 million RCF. The company recently extended the maturity of its revolver from July 2026 to September 2028. Fitch expects this level of liquidity to provide Adams with enough liquidity to continue to grow its lot position and enhance its footprint. The company has a well-laddered debt maturity schedule. The company's $400 million 9.25% senior notes mature in October 2028. As of June 30, 2025, Adams also had industrial revenue bonds of $3.7 million and $3.1 million due November 2028 and May 2032, respectively. Issuer Profile Adams Homes designs, markets, constructs and sells single-family homes and attached townhomes to entry-level buyers. Adams is one of the largest private homebuilders in the U.S., with operations concentrated in the Southeast. Summary of Financial Adjustments Historical and projected EBITDA is adjusted to add back interest expense included in cost of sales and also excludes impairment charges, land option abandonment costs and a portion of the annual shareholder distribution, which was reported in SG&A expense. Fitch classifies the $200 million shareholder loan as debt. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Adams Homes, Inc. has an ESG Relevance Score of '4' for Governance Structure due to its weak governance controls, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Adams Homes, Inc. LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- senior unsecured LT BB- Downgrade RR3 BB+ ADF CONSTRUCTION: Case Summary & 16 Unsecured Creditors ------------------------------------------------------- Debtor: ADF Construction of Indiana, LLC 12125 E. 65th Street #36191 Indianapolis 46236 Case No.: 25-06145 Business Description: ADF Construction of Indiana, LLC provides residential building construction services, including custom homebuilding, remodeling, and home additions. The Company operates primarily in Indianapolis, Indiana, and serves the surrounding metropolitan area. Chapter 11 Petition Date: October 8, 2025 Court: United States Bankruptcy Court Southern District of Indiana Judge: Hon. James M Carr Debtor's Counsel: Jeffrey Hester, Esq. HESTER BAKER KREBS LLC One Indiana Sq Suite 1330 Indianapolis, IN 46204 Tel: 317-833-3030 Email: jhester@hbkfirm.com Total Assets: $3,818,553 Total Liabilities: $2,198,038 The petition was signed by Craig Finke as member. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KVMN4TY/ADF_Construction_of_Indiana_LLC__insbke-25-06145__0001.0.pdf?mcid=tGE4TAMA AFRITEX VENTURES: Seeks to Sell Seafood Business at Auction ----------------------------------------------------------- Afritex Ventures, Inc., seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor, a Texas corporation established in 2017, is a diversified company specializing in the seafood industry. Its retail operations focus on the development and commercialization of innovative, value-added seafood products under various food brands. The portfolio spans from raw seafood to prepared dishes, including private label offerings for retail partners. The Debtor engages with USA-based retailers, focusing on the importation and distribution of fresh and frozen seafood products. Over the years, the company has evolved from a traditional producer-importer model to a more diversified operation, adapting to market fluctuations and consumer demands. As part of the Debtor's liquidation plan, the Debtor is pursuing a sale of substantially all of its assets, primarily consisting of inventory, intellectual property, goodwill, accounts receivable, customer lists, sales and marketing platforms, work in progress and finished goods, as well as miscellaneous furniture and equipment. The Debtor's directors have undertaken efforts to market the Assets to other parties in the industry. In fact, the Debtor was substantially down the road negotiating a potential sale with Genesis Food Products, Inc., the party that the Debtor entered into a License Agreement and Management Services Agreement in anticipation such sale and in order to bridge the gap with vendors who did not want to do business with a company. The Debtor seeks the authority to conduct an auction for bids for the purchase of substantially all of the Debtor's assets. The Bidding Procedures proposed herein will provide for an open and competitive bidding process for the Assets. The Debtor is proceeding in good faith and will make a showing at the Sale Hearing that the purchaser of the Assets has acted in good faith. The Debtor proposes that all liens, claims and encumbrances asserted against the Assets be transferred and attach to the sale proceeds. The Debtor has conducted a UCC search to determine possible lienholders of the Debtor's Assets in conjunction with the proposed sale of the Assets. The Debtor proposes to provide the Stalking Horse Bidder bid protection in the form of a break-up fee in the amount of $41,250.00, which equals 3% of the initial cash purchase price plus a maximum of $20,000 reimbursement of fees and expenses incurred in pursuing this purchase, for a total of less than 4.5% of the initial cash purchase price. The Break-up Fee is payable if the Stalking Horse Bidder is not selected as the Successful Bidder at the conclusion of the Auction. The ability of the Debtor to offer the Break-Up Fee to the Stalking Horse Bidder is beneficial to the Debtor’s estate and creditors because the Debtor can provide the incentive required to induce a bidder to submit or increase its Bid. Thus, even if the Stalking Horse Bidder is awarded a Break-Up Fee because the Stalking Horse Bidder does not become the Successful Bidder, the Debtor and the estate will have benefited from the higher floor established by such Stalking Horse Bid. In the present case, the Break-Up Fee payable in the event that the Stalking Horse Bidder is outbid at the Auction is proposed to be $41,250.00, which equals 3% of the initial cash purchase price plus a maximum of $20,000 reimbursement of fees and expenses, for a total of less than 4.5% of the initial cash purchase price. As part of the sale transaction the Debtor requests approval of a procedure for the assumption and then assignment of executory contracts and unexpired leases to the Successful Bidder. About Afritex Ventures, Inc. Afritex Ventures is a diversified investment holding company specializing in the seafood industry. Headquartered in Dallas, the Company develops and markets premium seafood products under multiple brands. Afritex Ventures, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-43390) on September 22, 2024, listing $1 million to $10 million in assets and $1 million to $50 million in liabilities. The petition was signed by David J. Diamond as director. Judge Edward L Morris presides over the case. Vickie L. Driver, Esq. at CROWE & DUNLEVY, P.C. represents the Debtor as counsel. AGDP HOLDING: Orrick & Morris James Represent UCC ------------------------------------------------- In the Chapter 11 bankruptcy cases of AGDP Holding, Inc. and its debtor-affiliates, Orrick, Herrington & Sutcliffe LLP and Morris James LLP filed with the United States Bankruptcy Court for the District of Delaware a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that both firms represent the Official Committee of Unsecured Creditors. The United States Trustee for Region 3 appointed seven Committee members pursuant to Sections 1102(a) and (b) of the Bankruptcy Code. The members are (i) Heini Limited Liability Company; (ii) Nova Traffic AG; (iii) Gateway Productions, Inc.; (iv) Lauren Bair; (v) Aaron Clevenger c/o Wasserman Music LLC; (vi) Christie Lites New York LLC; and (vii) Nightmode Video, Inc. The name and address of each member of the Committee and each member’s disclosable economic interests, as defined in Bankruptcy Rule 2019, in relation to the Debtors, are: 1. Heini Limited Liability Company 348 Gates Ave. Brooklyn, NY 11216 * Unsecured trade claim of at least $2,358,089.90 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date. 2. Nova Traffic AG Oberfeldstrasse 14 8302 Kloten (Zurich Airport) Switzerland * Unsecured trade claim of at least $622,854.79 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date. 3. Gateway Productions, Inc. 10 Mulliken Way Newburyport, MA 01950 * Unsecured trade claim of at least 2,067,007.56 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date. 4. Lauren Bair c/o Squitieri & Fearon, LLP 205 Hudson St, 7th Fl New York, NY 10013 * Unsecured litigation claims of $649.00, individually. * Unsecured litigation claims of $13,398,433.00, individually and on behalf of all ticket buyers to EZoo 2023 Festival. 5. Aaron Clevenger c/o Wasserman Music LLC 10900 Wilshire Blvd. Los Angeles, CA 90024 * Unsecured trade claim of at least $2,000,000.00 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date; plus any claims for rejection damages to the extent not reflected in the foregoing amounts. 6. Christie Lites New York LLC 6990 Lake Ellenor Dr Orlando, FL 32809 * Unsecured trade claim of at least $596,418.93 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date; plus any claims for rejection damages to the extent not reflected in the foregoing amounts. 7. Nightmode Video, Inc. c/o Anthony J. Centone, P.C. Attorney at Law 1950 E. Main Street, S. 205A Mohegan Lake, NY 10547 * Unsecured trade claim of at least $574,000 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date. The firms may be reached at: Eric J. Monzo, Esq. Siena B. Cerra, Esq. MORRIS JAMES LLP 3205 Avenue North Blvd., Suite 100 Wilmington, DE 19803 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 E-mail: emonzo@morrisjames.com scerra@morrisjames.com - and - Mark Franke, Esq. Nicholas Poli, Esq. Brandon Batzel, Esq. Ari Roytenberg, Esq. ORRICK, HERRINGTON & SUTCLIFFE LLP 51 West 52nd Street New York, NY 10019-6142 Telephone: (212) 506-5000 Facsimile: (212) 506-5151 E-mail: mfranke@orrick.com npoli@orrick.com bbatzel@orrick.com aroytenberg@orrick.com - and - Nick Sabatino, Esq. 400 Capital Mall, Suite 3000 Sacramento, CA 95814 Telephone: (916) 447-9200 Facsimile: (916) 329-4900 E-mail: nsabatino@orrick.com About AGDP Holding Inc. AGDP Holding Inc. and its affiliates operate a multi-space entertainment venue complex in North America, hosting large-scale live events such as concerts, festivals, corporate functions, and multimedia shows. The Debtors are known for their advanced audiovisual production capabilities, including a 2022 upgrade featuring one of the world's highest-resolution video walls. AGDP Holding Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11446) on August 4, 2025. In the petitions signed by Gary Richards, ADGP's chief executive officer, AGDP Holding disclosed up to $100 million in estimated assets and up to $500 million in estimated liabilities. The Honorable Bankruptcy Judge Mary F. Walrath handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Portage Point Partners' Triple P TRS, LLC as financial advisor; and Triple P Securities, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. On August 18, 2025, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Orrick, Herrington & Sutcliffe LLP and Morris James LLP as counsel and IslandDundon LLC as financial advisor. AHERMAN LLC: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On October 10, 2025, AHERMAN LLC voluntarily filed for Chapter 11 bankruptcy in the Eastern District of New York. The bankruptcy petition lists liabilities between $10 million and $50 million. The company reported having 1 to 49 creditors. About AHERMAN LLC AHERMAN LLC is a limited liability company. AHERMAN LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44912) on October 10, 2025. In its petition, the Debtor reports estimated sssets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by J Ted Donovan, Esq., of Goldberg Weprin Finkel Goldstein LLP. ALEON METALS: Gets Court OK for $187.5MM Sale w/ Creditor Deal -------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that on Wednesday, October 8, 2025, a Texas bankruptcy judge authorized Aleon Metals to sell its assets to a secured creditor for $187.5 million. The court approval followed notice that the debtor had reached settlements with environmental authorities and unsecured creditors. The sale is backed by Aleon's prepetition bondholders, who are acting as the stalking-horse bidder and have pledged the same amount in debtor-in-possession financing, the report states. About Aleon Metals LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. ALIERA COMPANIES: Zoe Capital Loses Bid to Set Aside Default Order ------------------------------------------------------------------ Judge James R. Sacca of the United States Bankruptcy Court for the Northern District of Georgia denied the motion filed by Zoe Capital Financial and Insurance Services, Inc. to set aside the default judgment in the adversary proceeding captioned as ALIERA LT, LLC, AS LIQUIDATING TRUSTEE FOR THE ALIERA COMPANIES, INC. d/b/a ALIERA HEALTHCARE INC., et al., Plaintiffs, v. ZOE CAPITAL FINANCIAL AND INSURANCE SERVICES, INC., Defendant, Adversary Proceeding No. 24-05035 (Bankr. N.D. Ga.). Aliera LT, LLC, as Liquidating Trustee for The Aliera Companies, Inc. D/B/A Aliera Healthcare Inc., and Neil F. Luria, in his capacity as the Trustee of the Sharity Ministries, Inc. Liquidating Trust, sued Zoe Capital on February 15, 2024, seeking, among other things, the return of $376,000 of commissions paid to Defendant by Aliera on the grounds they were fraudulent transfers, but also damages for conspiracy, aiding and abetting breach of fiduciary duty and violation of Georgia RICO, in which treble damages were sought. On June 20, 2024, Plaintiffs filed a Motion for Entry of Default Judgment against Defendant, which was served by regular mail on Heather Retsky Tax Prep, Inc., as registered agent. On September 5, 2024, Plaintiffs filed an Amended Motion for Default Judgment to limit the relief to certain counts involving avoiding and recovery of fraudulent transfers that were core proceedings on which this Court could enter a final judgment, while withdrawing the state law tort claims that are non-core proceedings on which the Court could not enter a final judgment. The Amended Motion for Default Judgment was served on Heather Retsky, as registered agent for Defendant. Despite being present during the Status Conference and having knowledge of the adversary proceeding against Zoe Capital, Sean Wheelus did not take any other action in the instant case until October of 2024. On September 13, 2024, the Court entered a Default Judgment against Defendant for $376,472.33, plus costs and post-judgment interest at the legal rate. The Default Judgment was also served on Heather Retsky, as registered agent for Defendant. A little less than a month later, on October 10, 2024, Wheelus, pro se, sent a letter to the Court asking it to reconsider the Default Judgment. The Plaintiffs filed a response in opposition two weeks later, and on November 6, 2024, the Court entered an order denying the motion for reconsideration and advising Wheelus that the Court could not consider his request because Zoe Capital, a corporation, can only appear in Court through a lawyer. More than five months later, and about seven months after the entry of the Default judgment, Defendant finally filed a request to set aside the Default Judgment through a lawyer. Defendant argues that the Default Judgment must be set aside because: (a) under Fed. R. Civ. P. 60(b)(4) service was allegedly insufficient; (b) Rule 55(b)(2) required service on Wheelus after he entered his appearance as Defendant's representative; (c) Rules 60(b)(1) and (3); (d) Defendant's failure to respond was justified due to its lack of receiving service of the summons and complaint; (e) Wheelus's attendance at the Status Conference shows he did not fail to respond to the Complaint; and (f) under Rule 60(b)(6) exceptional circumstances exist to warrant setting aside the Default Judgment. According to the Court, none of these arguments are persuasive. The Court finds it perfectly reasonable to conclude that Defendant exhibited a reckless disregard for the judicial proceedings, which would be sufficient on its own to bar him from relief under Civil Rules 55(c) and 60(b)(1). Because Zoe Capital (1) had notice that this adversary proceeding was pending against it, (2) failed to inquire about or participate in the case in any capacity beyond Wheelus merely announcing his presence at the Status Conference, (3) has not shown beyond a mere self-serving statement in Wheelus's Affidavit that it did not receive a copy of the Summons and Complaint, and (4) took nearly seven months to move to set aside the Default Judgment through counsel, the Court finds that Zoe Capital has not demonstrated a good reason for relief from the Default Judgment. The main issues in this case are whether Plaintiff has provided sufficient proof of service and whether Heather Retsky was Zoe Capital's registered agent. The Court finds the record favors the Plaintiff such that the Motion must be denied under Civil Rule 60(b)(4). Zoe Capital contends that Heather Retsky was not in fact Zoe Capital's registered agent, and service was improper for that reason. Despite this contention, the record shows otherwise. Zoe Capital has not contradicted the Plaintiff's affidavit establishing that Heather Retsky was in fact Zoe Capital's registered agent. Because Zoe Capital has not made any showing that it did not receive service of process in this case, the Court shall deny its request to set aside the Default Judgment under Civil Rule 60(b)(4). Because Zoe Capital cannot show either a good reason for its delay in defending itself or lack of prejudice to the Plaintiff, the Court finds that relief under Civil Rule 60(b)(1) is not warranted in this case. The Court finds that Zoe Capital has not sufficiently established its entitlement to relief under Civil Rules 55(c) and 60(b), which are applicable to this case through Bankruptcy Rules 7055 and 9024(a) respectively. Accordingly, Zoe Capital's Motion is denied. A copy of the Court's Opinion is available at http://urlcurt.com/u?l=pQHVW8 About Aliera Cos. Inc. Aliera Cos. Inc. is focused on providing a full spectrum of revolutionary options and services to a multitude of industries that fit every need and budget. The company provides services to support its subsidiaries, which focus on the unique aspects of the health care industry. Plaintiffs in a case -- docketed as Hanna Albina and Austin Willard, individually and on behalf of others similarly situated, Plaintiffs, v. The Aliera Companies, Inc., Trinity Healthshare, Inc. and Oneshare Health, LLC Unity Healthshare, LLC, Case No. 20-CV-00496, (E.D. Ky., Dec. 11, 2020) -- filed an involuntary petition under Chapter 11 of the Bankruptcy Code against Aliera (Bankr. D. Del. Case No. 21-11548) on Dec. 5, 2021. Joseph H. Huston, Jr., Esq., of Stevens & Lee, P.C., is the petitioners and plaintiffs' counsel. On Dec. 21, 2021, Aliera filed a voluntary Chapter 11 petition (Bankr. N.D. Ga. Case No. 21-59493), disclosing assets of $1 million to $10 million and liabilities of $500 million to $1 billion. Advevo LLC and three other Aliera affiliates -- Ensurian Agency LLC, Tactic Edge Solutions LLC and USA Benefits & Administrators LLC -- also filed voluntary Chapter 11 petitions on Dec. 21, 2021. On Jan. 25, 2022, the petitioning creditors obtained an order granting their motion to transfer the voluntary Chapter 11 cases to the Delaware Bankruptcy Court, which has been overseeing the liquidation of Aliera's affiliated corporation, Trinity Healthshare, Inc., now known as Sharity Ministries, Inc. On Feb. 16, 2022, Judge John T. Dorsey of the Delaware Bankruptcy Court ordered the consolidation of Aliera's voluntary Chapter 11 proceeding with the involuntary case filed by the petitioning creditors (with Case No. 21-11548 being the surviving case number) and terminated the company's voluntary proceeding. Meanwhile, Judge Dorsey ordered the joint administration of the involuntary proceeding and the four other voluntary cases filed by the Aliera affiliates, with Case No. 21-11548 as the lead bankruptcy case. The Debtors tapped J. Robert Williamson, Esq., at Scroggins & Williamson, P.C. and Monzack Mersky and Browder, PA as bankruptcy counsels; SeatonHill Partners, LP as financial advisor; and Katie Goodman, managing member of GGG Partners, LLC, as chief liquidation officer. Epiq Corporate Restructuring, LLC is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors on Feb. 21, 2022. The committee is represented by Greenberg Traurig, LLP. ALL MOMS: Seeks Chapter 11 Bankruptcy in Indiana ------------------------------------------------ On October 3, 2025, All Moms Love LLC initiated a voluntary Chapter 11 bankruptcy case in the Southern District of Indiana. Court documents indicate that the company's total liabilities listed in the $0 to $100,000 range. The filing notes that ALL MOMS LOVE, LLC has between 1 and 49. About All Moms Love LLC All Moms Love LLC is a limited liability company. All Moms Love LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06074) on October 3, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. ALL PHASE: Gets Interim OK to Use Cash Collateral Until Dec. 2 -------------------------------------------------------------- All Phase Solutions, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral to fund operations. The court issued a second interim order authorizing the Debtor to use cash collateral through December 2 consistent with its budget. The Debtor must not exceed budgeted expenses by more than 10% per line item or in total unless authorized by the court or its lenders. The Debtor projects total monthly operational expenses of $285,000. As adequate protection for the Debtor's use of their cash collateral, lenders will be granted valid, perfected liens on the Debtor's post-petition cash receipts. The replacement liens will have the same priority and extent as the lenders' pre-bankruptcy liens but junior to U.S. trustee fees, court costs, and approved professional fees. The next hearing is scheduled for December 2. The Debtor's cash collateral is encumbered by liens from three lenders: JPMorgan Chase Bank, a traditional secured lender owed $104,184; Argonaut Insurance Company, holder of a $406,863 note from a performance bond-related project; and CFS CAP, LLC, a merchant cash advance firm that sweeps 5% of the Debtor's bank deposits weekly under a 2023 agreement. As of the bankruptcy filing date, the Debtor had about $23,000 in unencumbered cash outside of the control accounts. All Phase Solutions LLC Based in Boca Raton, Fla., All Phase Solutions, LLC provides services including construction, demolition, environmental remediation, civil works, uniform production, and security staffing, primarily to U.S. government agencies. All Phase Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19745) on August 22, 2025, listing up to $10 million in assets and liabilities. Saleh Rabah, president of All Phase Solutions, signed the petition. Judge Mindy A. Mora oversees the case. Aaron Wernick, Esq., at Wernick Law PLLC, represents the Debtor as legal counsel. ALTMAN & NELSON: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Altman & Nelson Printing Co. Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Victoria Division, to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral through October 31 consistent with its budget. The Debtor may use cash collateral up to 105% of each budgeted expense, provided total monthly spending does not exceed 5% of the overall budget. The Debtor projects total cash disbursements of $28,554.21. As adequate protection, secured creditors will be granted replacement liens on post-petition cash collateral and newly acquired property of the Debtor, with the same priority and scope as their pre-bankruptcy liens. The replacement liens do not apply to Chapter 5 causes of action and are subject and subordinate to the fee carveout. The Debtor's authority to use cash collateral automatically terminates upon occurrence of certain events, including case dismissal or conversion to Chapter 7; appointment of a trustee; expiration of the order without extension; or a material breach such as noncompliance with the approved budget. In the event of default, any party may notify the Debtor and seek expedited relief from the court. A final hearing is scheduled for October 30. According to a UCC lien search, several entities may hold security interests in the Debtor's assets, including the U.S. Small Business Administration, First Financial, Office Systems Center, and Funding Metrics, LLC. The Debtor had $2,077 in cash and $7,790 in accounts receivable on the filing date. It also owns a vehicle valued at $70,000 and leases equipment worth approximately $12,000. The interim order is available at https://is.gd/Dmzrlr from PacerMonitor.com. About Altman & Nelson Printing Co. Inc. Altman & Nelson Printing Co. Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Tex. Case No. 25-60091) on October 1, 2025. In the petition signed by Felicia Ramirez, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Christopher M. Lopez oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. ALTMAN & NELSON: Jarrod Martin Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 7 appointed Jarrod Martin, Esq., a practicing attorney in Houston, as Subchapter V trustee for Altman & Nelson Printing Co., Inc. Mr. Martin will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Martin declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jarrod B. Martin, Esq. 1200 Smith Street, Suite 1400 Houston, TX 77002 Phone: 713-356-1280 Email: JBM.Trustee@chamberlainlaw.com About Altman & Nelson Printing Co. Altman & Nelson Printing Co., Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-60091) on October 1, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Christopher M. Lopez presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. AMC ENTERTAINMENT: S&P Raises Senior Secured Notes Rating to 'B' ---------------------------------------------------------------- S&P Global Ratings raised its issue-level rating on AMC Entertainment Holdings Inc.'s (AMCEH) $857 million senior secured notes due 2029 to 'B' from 'B-' and revised the recovery rating to '1' from '2'. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 90%) recovery for lenders in the event of a payment default. Muvico LLC is a co-borrower on the notes. At the same time, S&P revised its recovery rating on AMCEH's $360 million senior secured first-lien notes to '3' from '4'. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. These rating actions reflect AMCEH's conversion of $40 million of its senior secured exchangeable notes due 2030 to equity, which it announced on Oct. 1, 2025. The reduction in the company's debt principal occurred as part of the refinancing transaction it completed in July and represents the maximum post-closing adjustment under the transaction. No cash or additional shares were issued as a part of this conversion. All S&P's other existing ratings on AMCEH are unchanged. S&P said, "While the transaction modestly reduced the company's debt obligations, we continue to view its capital structure as unsustainable because it faces a significant maturity wall of about $3.2 billion in 2029. Even with potential improvements in box office performance, we anticipate AMCEH's cash flows will remain constrained by its high fixed charges, including over $400 million of annual interest expense and $850 million of rent." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- AMC's capital structure comprises a $2.0 billion senior secured first-lien term loan maturing in 2029, $91 million of exchangeable notes due 2030, $155 million of exchangeable notes due 2030 (not rated), and $857 million of secured notes due 2029 (all issued by co-borrowers Muvico LLC and AMCEH), as well as $400 million of 12.75% senior secured first-lien notes due in 2027 issued at Odeon Cinemas Group Ltd. and $360 million of 7.5% senior secured first-lien notes due 2029 and $126 million of other outstanding subordinated notes due 2027 both issued by AMCEH. -- The notes issued at Odeon have a priority claim on the company's European assets, and there is no residual claim remaining for debt in other groups. -- The term loan has a first-priority claim on the assets at Muvico as well as AMCEH. -- The senior secured notes due 2029 also retain a first-priority claim on the assets at AMCEH. -- The first-lien debt is contractually senior to all subordinated debt. Simulated default assumptions -- S&P's simulated default contemplates a hypothetical default in 2027 due to a slower-than-expected recovery in theater attendance and a sudden, sharp shift toward alternative film delivery methods. -- All debt includes six months of prepetition interest. -- S&P said, "We assume in the event of a default or insolvency proceeding, the company would reorganize, close its underperforming theaters, and unwind its leases. We used a distressed EBITDA multiple of 6x to value the company." Simplified waterfall -- EBITDA at emergence: $506 million -- EBITDA multiple: 6x -- Net enterprise value (after 5% administrative costs): $2.9 billion -- Total value available to senior secured first-lien term loan: $2.6 billion -- Estimated senior secured first-lien term loan debt claims: $2.1 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Total value available to senior secured notes: $818 million -- Estimated senior secured notes claims: $896 million --Recovery expectations: 90%-100% (rounded estimate: 90%) -- Total value available to Odeon notes: $354 million -- Estimated senior secured first-lien note claims: $425 million --Recovery expectations: 70%-90% (rounded estimate: 80%) -- Total value available to senior secured first-lien notes: $190 million -- Estimated senior secured first-lien note claims: $375 million --Recovery expectations: 50%-70% (rounded estimate: 50%) -- Total value available to exchangeable notes: $0 million -- Estimated exchangeable debt claims: $93 million --Recovery expectations: 0%-10% (rounded estimate: 0%) -- Total value available to subordinated debt: $0 -- Estimated subordinated debt claims: $130 million --Recovery expectations: 0%-10% (rounded estimate: 0%) AMERICAN TRASH: Gets Extension to Access Cash Collateral -------------------------------------------------------- American Trash Management, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to use cash collateral to fund operations. The court issued a second interim order authorizing the Debtor to use cash collateral through October 31 in accordance with an approved budget. The Debtor's actual disbursements must not exceed budgeted amounts by more than 15% monthly, excluding professional fees, which are payable only by further court order. The second interim order required the Debtor to provide monthly budget variance reports to Fremont Bank. Failure to do so entitles the bank to seek termination or modification of the Debtor's cash collateral use. Fremont Bank will be provided with adequate protection through a replacement lien on post-petition cash collateral and will continue receiving monthly payments of about $5,600.24. A final hearing is scheduled for October 30, with objections due by October 28. Fremont Bank is the Debtor's only general secured creditor, which holds a blanket lien on the Debtor's assets through a UCC-1 filing. Fremont Bank is represented by: Chris D. Kuhner, Esq. Kornfield, Nyberg, Bendes, Kuhner & Little, PC 1970 Broadway, Suite 600 Oakland, CA 94612 Telephone: 510-763-1000 Facsimile: 510-273-8669 c.kuhner@kornfieldlaw.com About American Trash Management Inc. American Trash Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30743) on September 15, 2025. In the petition signed by Scott Brown, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Stephen Finestone, Esq., at Finestone Hayes LLP, represents the Debtor as legal counsel. AMERICAN UNAGI: Hires Bernstein Shur Sawyer as Legal Counsel ------------------------------------------------------------ American Unagi, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maine to hire Bernstein, Shur, Sawyer & Nelson, P.A. to serve as general bankruptcy counsel in its Chapter 11 case. BSSN will provide these services: (a) advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, Local Rules, and the Office of the United States Trustee, as they pertain to the Debtor; (b) advise the Debtor with regard to certain rights and remedies of the bankruptcy estate and rights, claims, and interests of creditors and bring such claims as the Debtor, in its business judgment, decides to pursue; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the estate; (d) conduct examinations of witnesses, claimants, or adverse parties, and represent the Debtor in any adversary proceeding (except to the extent that any such adversary proceeding is in an area outside of BSSN's expertise); (e) review and analyze various claims of the Debtor's creditors and treatment of such claims and prepare, file, or prosecute any objections thereto or initiate appropriate proceedings regarding leases or contracts to be rejected or assumed; (f) prepare and assist the Debtor with the preparation of reports, applications, pleadings, motions, and orders; (g) assist the Debtor in the analysis, formulation, negotiation, and preparation of all necessary documentation relating to the sale of the Debtor's assets, as appropriate; (h) assist the Debtor in the negotiation, formulation, preparation, and confirmation of a plan; and (i) perform any other services that may be appropriate in BSSN's representation of the Debtor as general bankruptcy counsel in the case. BSSN's professionals will bill at these hourly rates: $650 for Sam Anderson (Attorney, Shareholder) $495 for Adam R. Prescott (Attorney, Shareholder), and $175 for Kathrine Flynn (Paralegal, Trainee). Bernstein, Shur, Sawyer & Nelson, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Adam R. Prescott, Esq. D. Sam Anderson, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 100 Middle Street PO Box 9729 Portland, ME 04104 Telephone: (207) 774-1200 Facsimile: (207) 774-1127 E-mail: aprescott@bernsteinshur.com sanderson@bernsteinshur.com About American Unagi Inc. American Unagi Inc., located in Waldoboro, Maine, operates a land-based aquaculture facility specializing in the sustainable farming of American eels. The Company raises glass eels sourced from licensed Maine harvesters in recirculating aquaculture systems and produces products including smoked, butterflied, and tinned eel. It serves both direct consumers through its online store and select seafood retailers, and is part of the aquaculture and seafood production industry. American Unagi Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-10180) on September 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by D. Sam Anderson, Esq. of BERNSTEIN SHUR SAWYER & NELSON, P.A. ANCHOR GLASS: S&P Downgrades ICR to 'SD' on Distressed Exchange --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based glass packaging manufacturer Anchor Glass Container Corp. to 'SD' (selective default) from 'CCC-', its issue-level rating on its first-lien term loan to 'D' from 'CCC-', and its issue-level rating on its second-lien term loan to 'D' from 'C'. S&P expects to review its issuer credit rating on Anchor over the next few business days. The downgrade follows Anchor Glass' comprehensive recapitalization with all its lenders. On Oct. 8, 2025, the company announced it had completed the exchange of its ABL revolving credit facility and first- and second-lien term loans. Under the terms of the recapitalization, Anchor will pay down the $40 million of outstanding borrowings on the ABL at close and enter into a new $115 million ABL facility. The company will also exchange its first- and second-lien term loans for a new $317 million term loan. Anchor's first- and second-lien term loan lenders will receive equity interests in the company as compensation for the exchange. S&P said, "We consider the exchange of the first- and second-lien term loans as distressed and tantamount to a default because the lenders of both tranches will receive less than they were promised under the original securities. We expect to review our issuer credit rating on the company over the next few business days." APPLIED DNA: Clay Shorrock Named CEO Following Judith Murrah's Exit ------------------------------------------------------------------- Applied DNA Sciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Judith Murrah informed the Company of her intention to step down from her positions as the Company's Chief Executive Officer and President effective September 29, 2025. Ms. Murrah's title is Strategic Transition Advisor, and she will remain as Chairperson of the Company's Board of Directors until a new Chairperson is duly confirmed by the Nominating Committee of the Board and thereafter as a member of the Board. Ms. Murrah's resignation is not the result of any dispute or disagreement with the Company or the Board on any matter relating to the Company's operations, policies or practices. In connection with Ms. Murrah's resignation, Ms. Murrah and the Company entered into a separation agreement dated September 29, 2025. The Company previously disclosed the Separation Agreement in the Initial 8-K. On September 28, 2025, the Board approved the appointment of Clay D. Shorrock, current Chief Legal Officer of the Company and President of LineaRx, Inc., the Company's biotherapeutics subsidiary, as Chief Executive Officer of the Company, effective September 29, 2025. Mr. Shorrock assumed the role of Chief Executive Officer from Judith Murrah. On the same date, the Board approved new Employment Agreements with Mr. Shorrock and Beth Jantzen, Chief Financial Officer of the Company. About Applied DNA Sciences Applied DNA Sciences -- adnas.com -- is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Applied DNA Sciences had $16 million in total assets, $3.4 million in total liabilities, and $12.5 in total equity. ARAMSCO INC: S&P Downgrades ICR to 'CCC+', Outlook Negative ----------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Aramsco Inc. and its issue-level ratings on its senior secured debt to 'CCC+' from 'B-'. The negative outlook reflects the potential for a lower rating if S&P envisions a default or distressed debt restructuring over the next 12 months given the company's negative free cash flow, high debt servicing costs, and current market trading levels. Aramsco Inc. continues to face muted demand and delays in cost-savings initiatives, leading to organic revenue declines, EBITDA contraction, and free operating cash flow (FOCF) deficits through the first half of 2025. In addition, the company's acquisition of JonDon in May further strained credit metrics due to associated acquisition and integration-related costs. S&P believes FOCF deficits will likely continue in the back half of 2025 and 2026 if volumes do not recover, the company is not able to successfully integrate their recent acquisition of JonDon effectively, and they are unable to realize the expected return from investments and cost-savings initiatives. S&P said, "The downgrade reflects our belief that Aramsco's capital structure is unsustainable due to continued underperformance and a financial policy that has resulted in persistent free cash flow deficits. Aramsco has continued to underperform relative to our earnings and FOCF expectations due to fewer weather-related events, delays in cost-savings initiatives, significant one-time acquisition costs, and muted demand across several of the company's business segments. While we previously projected 2025 as a year of transition for the company to execute on cost-savings initiatives and improve working capital management, Aramsco shifted its focus and acquired the assets of industry peer, JonDon, in May. The acquisition was funded with a large portion of the company's available liquidity and delayed the company's planned cost-savings initiatives. We expect a spike in sales, general, & administrative (SG&A) expenses related to the integration of JonDon's sales force and other acquisition-related costs, which we believe will hinder the company's free cash flow generation throughout the remainder of 2025, leading to reported FOCF deficits for the year. "We expect reported FOCF will modestly improve but remain negative in 2026 as the company finalizes the integration of JonDon, and it works to implement cost-savings initiatives. We expect working capital will be a moderate source of cash for Aramsco in 2025, because it will likely benefit from JonDon's collections and inventory selloff as well as the acquisition of the JonDon's pre-close accounts receivables. We believe the company will see additional benefits from its internal working capital automation initiatives, partially mitigating weak cash flow generation from the base business. "We no longer expect revenue and S&P Global Ratings-adjusted EBITDA growth to resume in 2025. We expect demand across Aramsco's various business segments to remain muted throughout the remainder of 2025 as the company works to balance cost-saving efforts with their integration of JonDon. We now forecast S&P Global Ratings-adjusted EBITDA will decline in 2025 compared to fiscal year 2024, resulting in EBITDA margins in the mid-single-digit percent range, which we expect will normalize to the high-single-digit percent range in 2026. We expect muted demand, delays in cost savings, and one-time acquisition costs related to the integration of JonDon, will push S&P Global Ratings-adjusted leverage to about 14.5x in 2025 from 9.0x in 2024. We forecast revenue will decline in the mid-single-digit percent area in 2025 despite the expected revenue contribution from the JonDon acquisition, with low-single-digit percent growth in 2026 as the company fully realizes the revenue potential of the JonDon acquisition. Key risks to our forecast include sustained weakness in customer buying patterns, the severity of weather events in Aramsco's markets, challenges in executing planned cost-saving initiatives, and difficulties in successfully integrating the JonDon acquisition. "We expect Aramsco will maintain sufficient liquidity over the next 12 months. The company had about $6.0 million of cash on its balance sheet as of June 30, 2025, and about $26 million drawn on its $80 million asset-based revolver. While the company's liquidity tightened after it utilized the full capacity of its $45 million delayed draw term loan (DDTL) to fund its acquisition of JonDon's assets, we expect the company will maintain prudent management of its remaining liquidity over the next 12 months as it continues to work through its business optimization plans and integrates the JonDon acquisition. Aramsco's $80 million asset based lending (ABL) facility has a springing fixed charge covenant that goes into effect if 90% of the ABL is drawn. We do not believe the company would be in compliance with this covenant if it were in effect and assume the company only has access to $72 million of its ABL capacity in our analysis. "The negative outlook reflects the potential for a lower rating if we envision a default or distressed debt restructuring over the next 12 months given the company's negative free cash flow, high debt servicing costs, and current market trading levels." S&P could lower the rating if it envisions a default or distressed debt restructuring within the next 12 months. This could happen if: -- The company depletes its available liquidity; or -- The company is unable to grow revenues and improve profitability from its cost savings and restructuring actions. S&P could take a positive rating action if: -- The company improves its operating performance and implements significant cost-cutting initiatives that result in sustained positive FOCF generation and improved liquidity; and -- S&P has reason to believe the company will be able to refinance its 2028 maturities at par. ARCURI BUSINESS: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- On October 7, 2025, Arcuri Business Holdings Corp. voluntarily filed for Chapter 7 bankruptcy in the Eastern District of New York. Court documents show the company's liabilities fall within the $0–$100,000 range, with a reported creditor count between 1 and 49. About Arcuri Business Holdings Corp. Arcuri Business Holdings Corp. is a single asset real estate company. Arcuri Business Holdings Corp.sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73878) on October 7, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. ASP UNIFRAX: S&P Downgrades ICR to 'CCC', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on ASP Unifrax Holdings Inc. to 'CCC' from 'CCC+'. S&P said, "We also lowered our issue-level rating on the company's super-priority revolving credit facility (RCF) to 'B' from 'B+'. In addition, we lowered our issue-level ratings on its first-lien term loan, first-lien notes, and first-lien delayed-draw term loan to 'CCC' from 'CCC+' and our issue-level rating on its second-lien notes to 'CCC-' from 'CCC'. "The negative outlook reflects our expectation that we could lower the ratings again over the next year if, in our view, the likelihood of a near-term distressed restructuring or payment default increases. "The partial payment-in-kind (PIK) option on ASP Unifrax's first-lien debt and second-lien notes expires in September 2026. This will increase the company's interest cash burden starting in fourth-quarter 2026, and it raises the risk of a debt restructuring that we view as distressed. "Doing business as Alkegen, the company continues to face difficult operating conditions due to weak end-market dynamics, resulting in cash-flow deficits. Under our base case, the company's funds from operations (FFO) cash interest coverage will remain below 1x in 2025 and 2026, weakening further to 0.6x in 2027 due to the PIK option expiring. We continue to view the company's capital structure as unsustainable. "We anticipate a 40% increase in its annualized cash interest expense upon the expiration of the PIK option, which we believe could prompt a transaction we view as a default within the next 12 months. While we don't envision a liquidity shortfall in that timeframe, there is a high risk of potential debt modification or restructuring "We believe there's elevated risk that Alkegen could pursue a transaction we view as a default in the next 12 months, triggered by the expiration of the PIK option on most of its debt. While its near-term liquidity remains sufficient to meet operational funding needs and mandatory debt-servicing costs over the next 12 months, we believe a meaningful improvement in business conditions is key to supporting Alkegen's capital structure after the optional partial-PIK period ends. After Sept. 30, 2026, all interest payments will be due in cash. Our base-case forecast projects soft end-market performance, resulting in lower revenue and earnings in 2025 before rebounding somewhat in 2026. It also projects a decline in FFO cash interest coverage to 0.6x in 2027 from 0.8x in both 2025 and 2026. This points to an unsustainable capital structure and an increased risk of a restructuring, potentially resulting in lenders receiving less than originally promised in terms of timing, amount, or maturity. "We believe the company's key end-markets will remain sluggish amid high interest rates and pressured business confidence. The company's sales are closely tied to activity in key industrial subsectors, including steel and metal production, automotive manufacturing, chemical production, and general industrial. We anticipate subdued capital spending across these sectors over the next 12 months, driven by relatively high interest rates and weak business confidence. The latter partly reflects lingering uncertainty surrounding U.S. trade policy and geopolitical factors. In addition, Alkegen has shifted some production to support electric vehicle (EV) growth, and we expect continued sales softness due to slower-than-anticipated EV adoption in the U.S. Furthermore, we expect ongoing weakness in the Chinese economy to continue pressuring demand for the company's Luyang business over the next 12 months. "We expect persistent muted operating performance and cash flow over the next 12 months. Our base-case forecast considers about a 2% decline in total S&P Global Ratings-adjusted revenue in 2025, followed by modest recovery in the mid-single-digit percent area in 2026. We expect S&P Global Ratings-adjusted EBITDA margins to contract by approximately 200 basis points (bps) to about 12% in 2025, with improvement of 50 bps-100 bps in 2026, largely from better operating leverage. Overall, we expect continued negative free operating cash flow (FOCF) in 2025, declining further in 2026 due to higher cash interest costs upon PIK expiration. "The negative outlook reflects Alkegen's elevated risk of a restructuring transaction, which results from the upcoming expiration of its PIK option in September 2026 and its weak operating performance and cash flows. We could lower the ratings if we believe a payment default or a transaction we view as a distressed exchange is highly likely within the next six months." S&P could lower its ratings on Alkegen if: -- S&P believes a payment default or a transaction it views as a distressed exchange is highly likely within the next six months; or -- The company announces or completes a distressed transaction that involves lenders receiving less than originally promised. S&P could raise its ratings on Alkegen if: -- A significant rebound in the company's end markets leads to significantly improved FFO interest coverage, mitigating the impact of the PIK option expiration; or -- S&P no longer envision a specific default scenario within the next 12 months. ASTRA ACQUISITION: S&P Downgrades ICR to 'D' on Bankruptcy Filing ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Astra Acquisition Corp. (doing business as Anthology) to 'D' (default) from 'CCC', its issue-level rating on its tranche A first-lien debt to 'D' from 'CCC+', and its issue-level rating on its tranche B first-lien debt to 'D' from 'CC'. Anthology announced that it has filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code to implement the RSA. The downgrade follows Anthology's bankruptcy filing. Anthology has filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. ASTRA INTERMEDIATE: Moody's Lowers PDR to 'D-PD' Amid Ch. 11 Filing ------------------------------------------------------------------- Moody's Ratings downgraded Astra Intermediate Holding Corp.'s (dba Anthology) probability of default rating to D-PD from C-PD and affirmed its corporate family rating at Ca following the company's filing for Chapter 11 bankruptcy protection. At the same time, Moody's downgraded the instrument ratings under Anthology's subsidiary, Astra Acquisition Corp., including a $140 million senior secured first-lien revolving bank credit facility due February 2028 and $410 million senior secured first-lien tranche A term loan due February 2028 to Ca from Caa2. The company's $615.4 million senior secured first-lien tranche B term loan due October 2028 and $57.6 million senior secured first-lien tranche C term loan due October 2029 instrument ratings were affirmed at C. The rating outlook for both entities is stable. These actions follow Anthology's announcement on September 29, 2025 that the company and certain subsidiaries initiated Chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas. The Chapter 11 filling resulted in the downgrade of Anthology's PDR to D-PD. The Ca CFR reflects the default and Moody's expectations for a below average family recovery for debt holders. The downgrade of the company's senior secured first-lien revolving credit facility and tranche A term loan reflect Moody's views on potential recoveries across the capital structure given their superpriority position in the capital structure and the nature of this contemplated restructuring where the recoveries are largely equity-based for this creditor class in the new company. Governance considerations are material to the rating action due to an untenable capital structure and the bankruptcy filing. RATINGS RATIONALE Anthology's capital structure prior to the Chapter 11 filing is unsustainable due to very high leverage, negative free cash flow and weak liquidity. The company is facing substantial headwinds stemming from decline in new bookings and higher than expected customer attrition. The company has undertaken sizeable cost savings initiatives to adjust to lower demand. Anthology, following its recent restructuring announcement, has signed a restructuring support agreement with a group of lenders and equity sponsor Veritas Capital. The deal enables a dual-track strategy involving the sale of non-core assets—including Enterprise Operations and Lifecycle Engagement/Student Success—and the reorganization of the Teaching & Learning division, which includes Blackboard Inc., into a new, debt-free company. Ellucian Company LLC will act as the "stalking horse" bidder for the Enterprise Operations business, which covers Anthology Student, Finance & HCM, Student Verification, and Enterprise Ops Legacy. Encoura LLC will serve as the "stalking horse" bidder for the Lifecycle Engagement business, which includes Anthology Encompass, Reach, Engage, Advance, and the Student Success business. The reorganized entity will be supported by Oaktree Capital Management and Nexus Capital Management, who will convert their secured claims into equity. These creditors will also provide a $100 million debtor-in-possession facility, consisting of a $50 million term loan and a $50 million roll-up of prepetition first-lien tranche A debt, to ensure Anthology's operations continue during restructuring. The stable outlook reflects Moody's views that the ratings are properly positioned based on expected recoveries. Shortly following this rating action, Moody's will withdraw all ratings of Anthology. The Ca CFR of Anthology is two notches below the methodology scorecard-indicated outcome of Caa2 as of December 31, 2024. The wide differential reflects the company's strained liquidity and bankruptcy filing. Anthology, headquartered in Boca Raton, FL, provides cloud-based software solutions, including LMS, SIS and CRM for higher education institutions. The company is majority owned by funds managed by private-equity investors Veritas Capital Fund Management, L.L.C, Providence Equity Partners L.L.C. and Leeds Equity Partners. ATECH (PARENT): ATech/ATI Unsecured Claims Will Get 12.3% to 13.8% ------------------------------------------------------------------ ATech (Parent) Resolution Corp. and affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for the Joint Chapter 11 Plan dated September 30, 2025. ATech (Parent) Resolution Corp. (f/k/a Akoustis Technologies, Inc.) ("ATI") (together with its Debtor affiliates, the "Company"), was incorporated on April 10, 2013, and reincorporated in Delaware as of December 15, 2016 and was headquartered in Huntersville, North Carolina. The Debtors developed, designed, and manufactured innovative RF filter solutions for the wireless industry, including for products such as smartphones and tablets, network infrastructure equipment, WiFi Customer Premise Equipment, and defense applications. These filters are critical in selecting and rejecting signals, and their performance enables differentiation in the functionality of the "RF front-end." Together with RJA, the Debtors conducted an all-inclusive marketing process for both (a) financing proposals that would enable the Debtors either (i) to post a bond allowing ATI and ATech to appeal the Amended Final Judgment and the Injunction or (ii) to execute on their business plan and potentially pay down all or a portion of the Damages Award and (b) obtaining bids for the sale of all or a portion of the Debtors' assets. Prior to the Petition Date, the Debtors and their advisors engaged with the parties that had submitted the strongest indications of interest and the Debtors accepted the bid of Gordon Brothers Commercial & Industrial, LLC (the "Stalking Horse") as the stalking horse bid for the sale of the Debtors' assets pursuant to the agreement with the Stalking Horse (the "Stalking Horse APA"). The Stalking Horse APA allowed the Debtors to continue pursuing a sale of the Purchased Assets (as defined in the Stalking Horse APA) while at the same time locking in a gross purchase price of at least $7 million, subject to certain price adjustment mechanisms (or $10 million if closed within the first 52 days after the Petition Date). On May 1, 2025, the Court entered the Order (I) Approving the Sale of Assets Free and Clear of Liens, Claims Interests, and Encumbrances, (II) Approving the Assumption and Assignment of Executory Contracts and Unexpired Leases in Connection Therewith and (III) Granting Related Relief approving the sale of the Akoustis Assets to Tune Holdings (the "Akoustis Sale"). The Akoustis Sale closed on May 15, 2025. On June 20, 2025 the Court entered the Order (I) Approving the Sale of Assets Free and Clear of Liens, Claims, Interests and Encumbrances, (II) Approving the Assumption and Assignment of Executory Contracts and Unexpired Leases in Connection Therewith and (III) Granting Related Relief approving the sale of the GDSI Assets to Silitronics pursuant to the Silitronics APA (the "GDSI Sale"). The GDSI Sale closed on June 25, 2025. The Plan contemplates (i) the substantive consolidation of the Chapter 11 Cases and Estates of ATI and ATech for the purposes of voting, distribution, and effectuating and implementing the Plan and (ii) the limited consolidation of all Debtors for voting purposes only. Generally, the Plan: * vests the Remaining Estate Assets in the Post-Effective Date Debtors for the purpose of distribution to holders of Allowed Claims and Allowed Interests; * designates a Plan Administrator to winddown the Debtors' affairs, reconcile Claims, pay Allowed Claims, and administer the Plan in an efficacious manner; and * provides for one hundred percent recoveries for holders of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Tax Claims, Allowed Other Secured Claims, and Allowed Other Priority Claims. Class 4A consists of ATech/ATI General Unsecured Claims. Except to the extent that a holder of an Allowed ATech/ATI General Unsecured Claim agrees to less favorable treatment, each holder of an Allowed ATech/ATI General Unsecured Claim shall receive its Pro Rata share of the ATech/ATI GUC Asset Pool, provided, however, that no holder of an Allowed ATech/ATI General Unsecured Claim shall receive a distribution in excess of the amount of its Allowed Claim. The allowed unsecured claims total $115,463,242. This Class will receive a distribution of 12.3% to 13.8% of their allowed claims. Class 4B consists of GD Chips General Unsecured Claims. Except to the extent that a holder of an Allowed GD Chips General Unsecured Claim agrees to less favorable treatment, each holder of an Allowed GD Chips General Unsecured Claim shall receive its Pro Rata share of the GD Chips GUC Asset Pool, provided, however, that no holder of an Allowed GD Chips General Unsecured Claim shall receive a distribution in excess of the amount its Allowed Claim. The allowed unsecured claims total $78,656. This Class will receive a distribution of 100% of their allowed claims. Class 4C consists of RF Chips General Unsecured Claims. Except to the extent that a holder of an Allowed RF Chips General Unsecured Claim agrees to less favorable treatment, each holder of an Allowed RF Chips General Unsecured Claim shall receive its Pro Rata share of the RF Chips GUC Asset Pool, provided, however, that no holder of an Allowed RF Chips General Unsecured Claim shall receive a distribution in excess of the amount of its Allowed Claim. The allowed unsecured claims total $3,406. This Class will receive a distribution of 100% of their allowed claims. The Plan contemplates and is predicated upon the deemed consolidation of all of the Debtors for voting purposes only; provided, further, that the Plan shall be deemed a motion by the Debtors seeking the approval, effective as of the Effective Date, of the substantive consolidation of the Chapter 11 Cases and Estates of ATI and ATech for the purposes of voting, distribution, and effectuating and implementing the Plan. On the Effective Date, each Claim filed or to be filed against ATech or ATI shall be deemed filed only against ATech and shall be deemed a single Claim against and a single obligation of ATech and the claims register shall be updated accordingly. This limited substantive consolidation effected pursuant to Article IV.A of the Plan shall not otherwise affect the rights of any holder of any Claim, or affect the obligations of any Debtor with respect to such Claim. On the Effective Date, the authority, power and incumbency of the persons acting as directors and officers of the Debtors shall be deemed to have resigned, solely in their capacities as such, and the Plan Administrator shall be appointed as the sole director and the sole officer of the Post-Effective Date Debtors and shall succeed to the powers of the Debtors' directors and officers. From and after the Effective Date, except as provided otherwise in the Plan, the Plan Administrator shall be the sole representative of, and shall act for, the Post-Effective Date Debtors. A full-text copy of the Disclosure Statement dated September 30, 2025 is available at https://urlcurt.com/u?l=QtG4Wa from PacerMonitor.com at no charge. Counsel to the Debtors: K&L GATES LLP Jeffrey T. Kucera, Esq. Southeast Financial Center, Suite 3900 200 South Biscayne Blvd. Miami, Florida 33131 Telephone: (305) 539-3300 Email: jeffrey.kucera@klgates.com - and – Margaret R. Westbrook, Esq. 301 Hillsborough Street, Suite 1200 Raleigh, North Carolina 27603 Telephone: (919) 743-7300 Email: margaret.westbrook@klgates.com LANDIS RATH & COBB LLP Matthew B. McGuire, Esq. Matthew R. Pierce, Esq. Joshua B. Brooks 919 Market Street Suite 1800 Wilmington, Delaware 19801 Telephone: (302) 467-4410 Facsimile: (302) 467-4450 Email: mcguire@lrclaw.com pierce@lrclaw.com brooks@lrclaw.com About ATech (Parent) Resolution Corp. ATech (Parent) Resolution Corp. and affiliates developed, designed, and manufactured innovative RF filter solutions for the wireless industry. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12796) on December 16, 2024, with $50,000,001 to $100 in assets and $100,000,001 to $500 million in liabilities. Judge Laurie Selber Silverstein presides over the case. ATLANTICA SUSTAINABLE: S&P Downgrades ICR to 'B+', Outlook Stable ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Atlantica Sustainable Infrastructure PLC to 'B+' from 'BB-'. At the same time, S&P lowered its rating on the company's senior secured green notes to 'BB' from 'BB+' with a recovery of '1', and lowered its rating on the senior unsecured debt to 'B+' from 'BB-' with a '4' recovery rating The stable outlook reflects S&P's expectation that Atlantica's assets will continue to operate under long-term contracts with investment-grade counterparties and generate predictable cash flows. Since its acquisition by Energy Capital Partners (ECP) at the end of 2024, Atlantica has pursued a strategy of new development and acquisitions in the renewables sector but has seen delays in distributions at some existing assets. The new assets acquired have helped to offset shortfalls in distributions from other assets, but raised debt at the holding company, with a resulting decline in financial ratios. Electricity prices have decreased and curtailment has increased in two assets within the Spanish solar fleet, with those two assets not reaching the minimum production required to get the full renumeration on investment component of the regulated revenues and some projects having to cease distributions and draw down internal liquidity to service project-level debt. S&P expects the next regulatory reset scheduled in 2026 to provide relief to this situation. In addition, delayed payments continue from offtaker Pemex at the Atlantica Nuevo Pemex (ACT) cogeneration gas facility in Mexico. S&P expects leverage to remain above 7.0x through 2026, before improving in 2027. It also forecasts funds from operations (FFO) to debt will fall below 10% in 2025 and 2026. The downgrade reflects Atlantica's incremental debt burden and delay in EBITDA growth, by a year from our previous expectations. S&P said, "We expect debt on balance sheet to increase by about $400 million including expected additional issuance through the remainder of 2025. Year to date, debt has increased $123 million year including $88 million of foreign exchange impact. We expect its leverage to rise to about 8x in 2025 and remain above 7x in 2026 before improving to the low-6x area in 2027 and beyond." S&P expects Atlantica's cash flow to be below its previous forecast in 2026 before improving in 2027 and 2028, mainly due to reduced distributions from its Spanish portfolio during the next year. The Spanish solar fleet is making lower distributions due to the current regulatory and pricing regime. These assets have the right to receive a pre-established reasonable rate of return through 3 components (i) the market price for the power they produce, (ii) a payment based on the standard investment cost or “Remuneration on Investment” and (iii) an "operating payment". The remuneration on investment and the operating payment are revised every 3 years to take into account past and expected market prices. From 2020-2023, distributions from assets under the Spanish regulatory framework were very stable. However, the last periodic change in the regulatory parameters in response to high electricity prices lead to a smaller return on investment component and lower return on operation component of revenues in the period 2023-2025. S&P said, "More recently, we've seen the energy component of revenues falling and increased curtailment at several projects. Curtailed production does not count toward minimum production targets which are necessary to receive 100% of the compensation amount. This has caused lower cash revenues. We expect this issue to be resolved in the near term with the scheduled reset of the compensation calculation due in 2026 and an expected modification of Royal Decree RD 413 expected in the near term." However, because some of the projects have been drawing on internal liquidity reserves, S&P expects lower distributions until those reserves are replenished in 2027. The ACT gas cogeneration project has a long-term contract to supply electricity and steam to a Pemex facility in Mexico. Pemex continues to make payments to the project but has accrued a substantial back-payment due to ACT. This is a more general problem for Pemex. With declining production levels and recent operational cost increases, Pemex currently has a large debt load of almost $100 billion, including around $23 billion of supplier debt. Pemex is working with the Mexican government to reduce debt, repay supplier obligations and improve operating leverage, but this is expected to take some time. In S&P's base case, it assumes the repayment of these accrued amounts to ACT (with resultant distributions to Atlantica) will occur over the next five years. Atlantica's investments have exceeded internally generated cash flow. The company has stated its intent to scale its growth capital spending program, limiting the expected need for corporate debt financing. However, a combination of lower distributions from Spain and Mexico and a doubling of investments and capital spending on existing projects in the last 12 months and through the end of 2025 has increased its growth in debt above S&P's expectations. Under ECP's private ownership, the company has expressed its desire to maintain a target leverage ratio of around 5x and curtail distributions until it is able to lower leverage. S&P expects it could take a couple of years for the company to reduce leverage to that level. S&P expects recent acquisitions and capital investments to be accretive to revenues and distributions immediately. These include assets under development and construction reaching operations, the acquisition of a transmission line in Uruguay and the potential acquisition of a portfolio of two operating wind farms and a six-project development pipeline in Canada, for which Atlantica has reached an acquisition agreement that is pending to close. S&P's assessment of Atlantica's cash flow quality primarily reflects its highly contracted nature. The company generates more than 98% of its cash flow via long-term power purchase agreements or regulated activities that operate under fixed return on investment. Counterparty credit quality is strong, with most revenue generated from investment-grade off-takers. The company estimates an average remaining life of its contracts of about 11 years, and these are largely fixed price with annual escalation mechanisms. Atlantica's portfolio does not bear material resource availability and no commodity risk. Atlantica has a strong portfolio with good asset and regional diversity. It comprises around 51 individual facilities spread across various geographies and sector mix. This provides a strong mitigant against idiosyncratic risks associated with a certain market (such as regulatory changes, weather, or a particular asset), technical issues, or equipment failure. S&P said, "Atlantica generates most of its distributions from solar projects, which we consider more favorable than those of peers such as Terraform Power, because we view solar as a more reliable resource than wind. At the same time, an abundance of distributions is not subject to resource risk, mainly those from remuneration payments in Spain, a gas-fired plant under contract in Mexico, transmission assets, and water assets. We also view the scheduled amortization of project-level debt as creating financial flexibility and reducing cash flow interruption risk to the holding company." S&P said, "We expect business risk to remain in the satisfactory level due to the diversity and high level of contracted revenues. Our view of financial risk remains at the highly leveraged level both due to ratio levels and ownership by a financial sponsor. "The stable outlook on Atlantica reflects our view that its assets will continue to operate under long-term contracts with investment-grade counterparties and generate predictable cash flow to support its holding company debt obligations. We also expect the reset in regulatory parameters in 2026 in Spain and to a lower extent, changes to regulation in Spain to provide relief for those projects and arrears at ACT to decrease over the next four years. We forecast debt to EBITDA in the mid-7x area in 2026, improving to below 6x 2027. We also forecast FFO to debt of about 7.5% in 2026 and 11.5% in 2027. "We would lower our ratings on Atlantica if its leverage remains elevated and we do not expect debt to EBITDA to fall toward the low-6x area by 2027 or if FFO to debt remains below 10%." This could occur due to: -- A greater breadth or severity of delays in distributions from the company's projects from a combination of larger-than-expected delays in payments at the company's Mexican asset (ACT), if the regulatory parameter reset and expected changes to the regulations in Spain don't sufficiently increase cash revenues, or the company's projects face higher-than-expected operating costs or unfavorable weather; or -- Leverage increases at the corporate level to fund acquisitions or cure distressed projects or the company employs a more aggressive financial policy and pursues debt-funded dividends. An upgrade is unlikely over the next 12 months and would occur if: -- Its credit metrics improve such that debt to EBITDA decreases below 5.5x on a sustained basis. This would most likely occur if current issues at a number of assets are resolved, newly acquired assets and development projects start to contribute to distributions, and the company executes on its financial policy to prioritize deleveraging rather than growth or equity distributions; or -- Given ECP's majority ownership, S&P revises its assessment of the company's financial policy, which currently caps the financial risk profile at highly leveraged. AVAYA INC: Nuveen Credit Marks $8.4MM Loan at 21% Off ----------------------------------------------------- Nuveen Credit Strategies Income Fund (JQC) has marked its $8,435,709 loan extended to Avaya, Inc. to market at $6,637,131 or 79% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a Exit Term Loan B to Avaya, Inc. The loan accrues interest at a rate of 11.856% per annum. The loan matures on August 01, 2028. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, Il 60606 Telephone: (800) 257‑8787 About Avaya, Inc. Avaya delivers smarter customer experiences, greater business efficiency, and lower costs through AI-powered communication and collaboration tools. AZ 400 HERKIMER: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- On October 10, 2025, AZ 400 Herkimer LLC voluntarily filed for Chapter 11 bankruptcy in the Eastern District of New York. The filing shows that the company's liabilities fall between $10 million and $50 million. The debtor listed between 100 and 199 creditors. About AZ 400 Herkimer LLC AZ 400 Herkimer LLC is a limited liability company. AZ 400 Herkimer LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44916) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Lawrence Morrison, Esq. BABA NANAK: Case Summary & Nine Unsecured Creditors --------------------------------------------------- Debtor: Baba Nanak Hospitality Group Corp 6331 S. 13th Street Milwaukee, WI 53221 Case No.: 25-25689 Business Description: Baba Nanak Hospitality Group Corp. owns and operates a hotel property at 6331 South 13th Street in Milwaukee, Wisconsin, offering lodging and related hospitality services near Milwaukee Mitchell International Airport. Chapter 11 Petition Date: October 7, 2025 Court: United States Bankruptcy Court Eastern District of Wisconsin Judge: Hon. Rachel M Blise Debtor's Counsel: Claire Ann Richman, Esq. RICHMAN & RICHMAN LLC 122 W. Washington Avenue Suite 850 Madison, WI 53703-2732 Tel: 608-630-8990 Email: crichman@randr.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Hardeep Arora as president. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AUJFYQA/Baba_Nanak_Hospitality_Group_Corp__wiebke-25-25689__0001.0.pdf?mcid=tGE4TAMA BABA NANAK: Seeks Chapter 11 Bankruptcy in Wisconsin ---------------------------------------------------- On October 7, 2025, Baba Nanak Hospitality Group Corp. sought Chapter 11 bankruptcy protection in the Eastern District of Wisconsin. The filing indicates that the company holds debts estimated between $1 million and $10 million, and it reports having 1 to 49 creditors. About Baba Nanak Hospitality Group Corp. Baba Nanak Hospitality Group Corp. is as proprietor of a full-service hotel situated at 6331 S. 13th Street, with an assessed value of roughly $3.6 million in 2021. Baba Nanak Hospitality Group Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25689) on October 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $1 million each. Honorable Bankruptcy Judge Rachel M. Blise handles the case. The Debtor is represented by Claire Ann Richman, Esq. of Richman & Richman LLC. BAYSIDE LIMO: Gets Final OK to Use Cash Collateral -------------------------------------------------- Bayside Limo of Tampa, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to continue using cash collateral. The final order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. This authorization will continue until further order of the court. The Debtor projects total operational expenses of $213,303.70. Secured creditors include the U.S. Small Business Administration, CT Corporation System (as representative of various parties), Credibly of Arizona LLC, Silverline Services, Inc., and CHTD Company. As adequate protection for the Debtor's use of their cash collateral, secured creditors will have perfected post-petition liens on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The Debtor was ordered to keep its property insured in accordance with its loan and security agreements with secured creditors as further protection. The final order is available at https://is.gd/an2MLY from PacerMonitor. The Debtor estimated that the collective claims of the secured creditors are secured by $13,167.04 of assets, consisting of $4,224 in cash; $6,418.78 in a frozen merchant account; $1,304.26 in accounts receivable; and $1,220 in personal property, according to court papers filed in June. About Bayside Limo of Tampa LLC Bayside Limo of Tampa LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.8:25-bk-03982-CPM) on June 13, 2025. In the petition signed by Kevin New, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Catherine Peek McEwen oversees the case. The Debtor is represented by: Buddy D. Ford, Esq. Ford & Semach, P.A. Tel: 813-877-4669 Email: buddy@tampaesq.com BECKHAM JEWELRY: Claims to be Paid From Available Cash and Income ----------------------------------------------------------------- Beckham Jewelry, LLC filed with the U.S. Bankruptcy Court for the Southern District of Mississippi a Plan of Reorganization under Subchapter V dated October 1, 2025. The Debtor previously operated as a retail and custom jewelry store. Due to high overhead and poor retail performance, the Debtor filed this Subchapter V Chapter 11 case to conduct a liquidation of its retail inventory and transition to an appointment-based custom design and repair business. Since the petition date, the Debtor has operated its business and managed its property as a debtor-in-possession pursuant to sections 1184 and 1186 of the Bankruptcy Code. The Debtor has successfully transitioned from a traditional retail jewelry operation to a more sustainable appointment-based custom design and repair business model, which has significantly reduced overhead costs while maintaining the ability to generate revenue. The Debtor has filed this Plan to provide for the treatment of Claims against and Equity Interests in the Debtor, and to implement a reorganization that will allow the Debtor to continue its business operations while providing meaningful distributions to creditors. Class 4 consists of all General Unsecured Claims, including the claims of trade creditors and any claims arising from the rejection of executory contracts or unexpired leases, such as any lease rejection claim filed by TDLDC. Holders of Allowed General Unsecured Claims shall receive Pro Rata quarterly distributions from the Debtor's available cash and future net income. On the first Quarterly Distribution Date, the Debtor shall distribute all remaining Cash on hand from the liquidation sale, less a $30,000 operating reserve to be retained by the Debtor for ongoing business operations. Thereafter, commencing with the next Quarterly Distribution Date and continuing for thirty-six months or until such Claims are paid in full (whichever occurs first), the Debtor shall distribute Pro Rata all Net Operating Income in excess of the $30,000 reserve, after payment of ordinary business expenses and Allowed Administrative Expense Claims. The $30,000 reserve shall be maintained at all times during the term of the Plan. Class 5 consists of the Equity Interests in the Debtor, specifically the membership interest of Brian Beckham. The ownership interest of Brian Beckham shall be retained throughout the duration of this Plan, subject to the Debtor's performance of the Plan. Mr. Beckham will continue to manage the Debtor's business operations during the term of the Plan. No distributions shall be made to Mr. Beckham on account of his Equity Interest until the completion of the Plan and until all Allowed Claims have been paid in accordance with its terms. Distributions under the Plan shall be funded by (i) the Cash remaining from the Court-approved liquidation sale, net of a $30,000 operating reserve to be maintained by the Debtor, and (ii) the Debtor's post-confirmation Net Operating Income from its custom jewelry and repair business. For purposes of this Plan, "Net Operating Income" means the Debtor's gross receipts, less ordinary and necessary business expenses, while preserving the $30,000 reserve. On the Effective Date, all property of the estate and all property acquired by the Debtor under the Plan shall revest in the Debtor free and clear of all Claims and interests, except as otherwise provided in the Plan or the Confirmation Order. The Debtor shall thereafter hold and use such property in the ordinary course of its business, subject to the provisions of the Plan. A full-text copy of the Plan of Reorganization dated October 1, 2025 is available at https://urlcurt.com/u?l=oerJEj from PacerMonitor.com at no charge. About Beckham Jewelry LLC Beckham Jewelry, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-01234) on May 14, 2025. In the petition signed by Brian Lee Beckham, member, the Debtor disclosed up to $10 million in assets and up to $500,000 in liabilities. Judge Jamie A. Wilson oversees the case. The Debtor is represented by: Thomas Carl Rollins, Jr., Esq. The Rollins Law Firm, PLLC Tel: 601-500-5533 Email: trollins@therollinsfirm.com BED BATH: Secures Final Court OK for $1.95MM ERISA Deal ------------------------------------------------------- Clara Baranaukas of Law360 reports that a New Jersey federal judge has granted final approval to a $1.95 million class action settlement resolving claims that Bed Bath & Beyond Inc.'s 401(k) plan administrators shortchanged workers after the retailer's bankruptcy led to the plan's termination. U.S. District Judge Claire C. Cecchi approved the unopposed motion, which was first reached earlier this 2025, ending months of negotiations between the parties. The case centered on allegations that plan fiduciaries mishandled employee investments during the company's wind-down, according to report. With the court's approval, roughly 2,100 former employees and their beneficiaries are set to receive compensation under the deal, closing the chapter on one of the many legal disputes following Bed Bath & Beyond's collapse, the report states. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BEELAND PROPERTIES: Hires Beau Box as Real Estate Broker -------------------------------------------------------- Beeland Properties LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Beau Box Commercial Real Estate, L.L.C. as exclusive real estate brokers for the Debtor's interests in immovable property in its Chapter 11 Subchapter V case. BBCRE will provide these services: (a) familiarize itself with the Debtor's immovable property; (b) assist the Debtor in identifying, qualifying, and managing potential purchasers; (c) take the lead in developing all written marketing materials describing the Debtor's immovable property, with the Debtor remaining responsible for the accuracy and completeness of the documents; (d) assist the Debtor in preparing for and making presentations to potential purchasers; (e) assist the Debtor in soliciting, coordinating, and evaluating indications of interest and proposals from potential purchasers; (f) assist the Debtor in structuring and negotiating the terms of any purchases, including participating in negotiations with creditors and other parties involved in any sales, if necessary; (g) provide in-court testimony regarding real estate matters as necessary; and (h) provide other brokerage, consulting, and advisory services as may be agreed upon in writing by the Debtor and BBCRE. BBCRE will receive a commission equal to 3 percent of the gross sales price, payable upon closing of the sale of each property. According to court filings, Beau Box Commercial Real Estate, L.L.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Beau J. Box BEAU BOX COMMERCIAL REAL ESTATE, L.L.C. Baton Rouge, LA About Beeland Properties, LLC Beeland Properties, LLC is a company in Denham Springs, La., engaged in renting and leasing real estate properties. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. La. Case No. 24-10461) on June 11, 2024, with $1 million to $10 million in both assets and liabilities. Jeff Landry, manager, signed the petition. Judge Michael A. Crawford presides over the case. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC represents the Debtor as legal counsel. BELL BUSINESS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Bell Business Investments LLC 545 Broadway 4th Floor Brooklyn NY 11206 Business Description: Bell Business Investments LLC is a single- asset real estate debtor under 11 U.S.C. Section 101(51B) that primarily manages and appraises real estate for clients. Chapter 11 Petition Date: October 7, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12220 Judge: Hon. Philip Bentley Debtor's Counsel: Isaac Nutovic, Esq. 261 Madison Avenue, 26th Floor New York, NY 10016 Tel: 917-922-7963 E-mail: inutovic@nutovic.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Marty Spitzer as president. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FNG4HOY/Bell_Business_Investments_LLC__nysbke-25-12220__0001.0.pdf?mcid=tGE4TAMA BH DOWNTOWN: Updates Unsecured Claims Pay; Files Amended Plan ------------------------------------------------------------- BH Downtown Miami, LLC and 340 Biscayne Owner, LLC submitted a Second Amended Joint Disclosure Statement describing Second Amended Plan dated October 1, 2025. The Plan is a liquidating Plan. 340 will sell the Property by Private Sale or Auction, to a third party purchaser free and clear of all liens, claims and encumbrances, pursuant to Section 363(f) of the Bankruptcy Code, with any liens, claims and encumbrances to attach to the proceeds of the Sale. The Net Sale Proceeds will be used to make the distributions under the Plan. The Property has been appraised at more than $200 Million, and the Debtors expect to receive sufficient funds to pay all Creditors in full and make a significant Distribution to the Equity Interest Holders. On or before October 10, 2025, the Debtors will file a motion seeking authority to conduct an auction of the Property with a professional auctioneer, with such auction to occur on or before December 19, 2025. In the event that the Debtors execute a purchase agreement with a private buyer prior to the scheduled auction, which the Debtors believe in their business judgment is higher and better than the offer they would realize in an auction, the Debtors will seek authority from the Bankruptcy Court to cancel the auction and close with the buyer in a Private Sale. The Plan is a "waterfall" plan. Each class of Creditors will be paid in full before the next class is paid, all in accordance with the priority scheme set forth in the Bankruptcy Code. The Creditors will be paid on a Pro Rata basis if there are insufficient funds to pay them in full on the Initial Distribution Date, and the Debtors will make subsequent Distributions as additional funds are realized. The Net Sale Proceeds received for the Property and the outcome of the Cirrus Litigation will determine the amounts available for distribution. The Debtors believe that all Allowed Claims will be paid in full, but it is possible that the General Unsecured Creditors will receive less than the full amount of their Claims or no Distribution if the Net Sales Proceeds are insufficient, the Debtors are unsuccessful in the Cirrus Litigation, there is less Cash than anticipated and/or if the Allowed Claims are higher than estimated. The Class 3 General Unsecured Claims against 340 include all Allowed Claims of General Unsecured Creditors that are not General Administrative Claims, Claims entitled to Priority, or Class 1 Claims. The Unsecured Creditors shall be paid on account of their Allowed Claims on the Initial Distribution Date on a Pro Rata basis after setting aside funds sufficient to pay anticipated General Administrative Claims, and payment in full of the Allowed General Administrative Claims, Priority Claims, Priority Tax Claims, and Class 1 and 2 Claims are paid in full or funds are escrowed for the Class 1 Claim. In the event that 340 receives payment from the Cirrus Litigation or any other Litigation Proceeds, or Cash from any other source, 340 will make a second Distribution to Class 3 Creditors who did not receive payment in full on the Initial Distribution Date, and will make the second Distribution on a Pro Rata basis after setting aside funds sufficient to pay anticipated General Administrative Claims. In the event 340 has sufficient Cash to pay the Class 3 Creditors in full, it will make additional Distributions until they are paid in full. In the event that there are sufficient funds to pay the Class 3 Claims in full with interest, the General Unsecured Creditors will be paid interest on their Allowed Claims at the federal post judgment interest rate of 3.61% with such interest accruing from the Petition Date until paid in full. The total amount of General Unsecured Claims asserted against 340 is approximately $700,000 based on the Schedules and Proofs of Claim filed, other than any potential Deficiency Claims and Rejection Damage Claims. Class 3 is impaired. Class Six consists of Allowed General Unsecured Creditors Against BH. The General Unsecured claims of BH include all Allowed claims of Unsecured Creditors against BH that are not part of Class 1, 2, 3, 4 or 5 and any Deficiency Claim of Cirrus. The Class 6 Unsecured Creditors shall be paid on a Pro Rata basis from any Cash BH receives on account of its Class 4 Claim on the later of (a) ten days after payment to BH on account of its Class 4 Claim and (b) a date that is no more than 10 days after entry of a Final Order allowing their claim. The total amount of Claims asserted is approximately $25,000. Class 6 is impaired. The Debtors' Property shall be liquidated, and there shall be no further operations, other than the maintenance of the corporate structure and the payment of claims under the Plan. A full-text copy of the Second Amended Joint Disclosure Statement dated October 1, 2025 is available at https://urlcurt.com/u?l=AOGIV3 from PacerMonitor.com at no charge. Counsel for the Debtors: Pardo Jackson Gainsburg & Shelowitz, PL Linda Worton Jackson, Esq. Linsey M. Lovell, Esq. 100 Southeast 2nd Street, Suite 2050 Miami, Florida 33131 Telephone: (305) 358-1001 Facsimile: (305) 358-2001 Email: LJackson@pardojackson.com LLovell@pardojackson.com sramos@pardojackson.com About BH Downtown Miami BH Downtown Miami, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23028) on Dec. 13, 2024. In its petition, the Debtor reported estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Judge Laurel M. Isicoff oversees the case. The Debtor tapped Pardo Jackson Gainsburg & Shelowitz, PL as counsel and Gould & Pakter Associates, LLC as financial expert. BIOXCEL THERAPEUTICS: Integrated Core, Three Others Hold 5.2% Stake ------------------------------------------------------------------- Integrated Core Strategies (US) LLC, Millennium Management LLC, Millennium Group Management LLC, and Israel A. Englander, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 29, 2025, they beneficially own 1,026,054 shares (Integrated Core Strategies) and 1,028,053 shares (Millennium Management, Millennium Group Management, and Israel A. Englander) of BioXcel Therapeutics, Inc.'s Common Stock, $0.001 par value, representing approximately 5.2% of the outstanding shares. Integrated Core Strategies may be reached through: Gil Raviv, Global General Counsel Integrated Core Strategies (US) LLC / Millennium Management LLC / Millennium Group Management LLC 399 Park Avenue New York, N.Y. 10022 Tel: (212) 841-4100 A full-text copy of Schedule 13G's SEC report is available at: https://tinyurl.com/6aard738 About BioXcel Therapeutics Headquartered in New Haven, Conn., BioXcel Therapeutics, Inc., is a biopharmaceutical company utilizing artificial intelligence to develop transformative medicines in neuroscience and, through the Company's wholly owned subsidiary, OnkosXcel Therapeutics LLC, immuno-oncology. The Company is focused on utilizing cutting-edge technology and innovative research to develop high-value therapeutics aimed at transforming patients' lives. The Company employs various AI platforms to reduce therapeutic development costs and potentially accelerate development timelines. Stamford, Conn.-based Ernst & Young LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has used significant cash in operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $25.8 million in total assets, against $133.5 million in total liabilities. BISCUIT BAR: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The Biscuit Bar, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral pending the final hearing on November 19. The interim order authorized the Debtor to use cash collateral to fund operations in accordance with its budget, subject to a 5% variance per line item and a 10% overall variance. As adequate protection, secured creditors will be granted replacement liens on post-petition assets of the Debtor including cash collateral, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. To the extent they are valid, senior, perfected and unavoidable, statutory tax liens held by the Texas Comptroller of Public Accounts, Dallas County, Taylor County, and any other Texas appraisal district, will not be subordinated to or primed by any liens granted pursuant to the interim order. Biscuit Bar is the parent company of TBB Deep Ellum, LLC and other operating TBB entities, which filed Chapter 11 cases on. It is not an operating entity but derives all its cash to pay its bills from the operating TBB entities. About The Biscuit Bar LLC The Biscuit Bar LLC, together with its subsidiaries, operates restaurant businesses offering food and beverages to customers both on-site and through its website and app, sourcing raw materials primarily from Sysco, and generating revenue mainly from prepared menu items including biscuits, sides, salads, and kids' meals. The Biscuit Bar sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33848) on October 2, 2025. In its petition, the Debtor reported up to $100,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Jacob J. King, Esq., at Munsch Hardt Kopf & Harr, P.C. BOKQUA LLC: Aurora Property Sale to N. Salas Nunez & A. Cruz OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado has permitted Bokqua LLC to sell Property located at 3735 S. Lewiston Street, Aurora, Colorado 80013, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Colorado limited liability company that owns and leases real property comprised of single family homes and condominium properties in Colorado. As of the Petition Date, the Debtor held approximately 160 properties. The 3735 S. Lewiston Property is among the properties owned and managed by the Debtor, and is comprised of improved real property with a single family residence. The Court has authorized the Debtor to sell the Property to Nora Salas Nunez and Alberto Hernandez Cruz with purchase price of $480,000. The Court held that the sale price of $480,000 is fair and reasonable; is in the best interests of the Debtor's creditors and estate; constitutes full and adequate consideration and reasonably equivalent value for the 3735 S. Lewiston Property; and will provide a greater recovery for the Debtor's creditors and other interested parties than would be provided by any other practically available alternative. The sale of the Property is the product of an arm's length negotiation after a full marketing and sale process conducted by a licensed real estate broker that has been duly employed by the Court. The Debtor is authorized to pay following creditors and/or costs at closing on the sale, subject to any payoff statements provided to the applicable title company prior to closing: -- Minimum Amount paid to Toorak Capital - $398,269.261 -- 2025 Prorated County Taxes - $1,979.36 -- 2024 County Taxes - $2,733.15 -- Repair Costs- $29,283.45 -- Solar Lease Payoff - $8,919.78 -- Cost of Sale Including Commission - $38,815.00 Toorak has provided sufficient consent to the sale such that no further notice of the sale must be given to creditors, and the Order shall become effective immediately. About Bokqua LLC Bokqua LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY. BOKQUA LLC: To Sell Odessa Property to Z. & R. DeLoach for $555K ---------------------------------------------------------------- Bokqua LLC seeks permission from the U.S. Bankruptcy Court for the District of Colorado, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's improved real property located at 4050 S. Odessa Street, Aurora, CO 80013. The Debtor is a Colorado limited liability company that owns and leases real property comprised of single family homes and condominium properties in Colorado. As of the Petition Date, the Debtor held approximately 160 properties. The 4050 S. Odessa Property is among the properties owned and managed by the Debtor, and is comprised of improved real property with a single family residence. On September 30, 2025, the Debtor entered into a Contract to Buy and Sell Real Estate, for the sale of the 4050 S. Odessa Property. The Property is subject to a first lien in favor of Genesis Capital, LLC and is one of the many properties securing Genesis' claim, which amounted to approximately $70 million as of the Petition Date. The Debtor seeks authorization to sell the 4050 S. Odessa Property to Zachary and Rachel DeLoach for a sale price of $555,000 and further seeks authority to pay certain claims and set aside certain funds for payment of taxes upon closing of the sale. The Debtor claims that a sound business reason exists for the sale. The sale will result in a reduction of Genesis' claim and will result in reduction of overall property holdings. The sale of properties that are part of Genesis’s collateral package will reduce the collateral to funds and will avoid the possibility of adverse events occurring with respect to the 4050 S. Odessa Property. The Property is not occupied and is not generating any revenue for the Debtor. As such, the sale of the Property is in the best interests of the Debtor, its estate, and its creditors. The Debtor is marketing and selling the 4050 S. Odessa Property through a licensed Colorado broker. The sale is the product of an arms-length transaction as a result of the broker's marketing efforts. The anticipated sale price is reasonable. The Debtor is seeking approval of the sale for $555,000 which is slightly less than the initial list price and is fair based on the current market environment. The Buyer is proceeding in good faith in an arm’s length transaction. The Buyer is purchasing the 4050 S. Odessa Property for at least fair market value and is the product of arm's length negotiations between the parties. Any prospective buyer will therefore be proceeding in good faith. About Bokqua LLC Bokqua, LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq., at KutnerBrinen Dickey Riley, P.C. BOSQUE BREWING: Section 341(a) Meeting of Creditors on November 6 ----------------------------------------------------------------- On October 6, 2025, Bosque Brewing Co. LLC filed Chapter 11 protection in the District of New Mexico. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 6, 2025 at 09:30 AM at US Trustee: Teleconference # 1-888-330-1716, Passcode: 3003165. About Bosque Brewing Co. LLC Bosque Brewing Co. LLC, doing business as Restoration Pizza and The Drinkery, operates as a craft brewery and hospitality company based in Albuquerque, New Mexico. The Company produces and sells a range of craft beers at its brewery and taproom while also offering dining experiences through Restoration Pizza and a 21+ beverage-focused environment at The Drinkery. It serves the Albuquerque area with a focus on local community engagement and multiple on-site operations. Bosque Brewing Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 25-11236) on October 6, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Robert H. Jacobvitz handles the case. The Debtor is represented by Chris Gatton, Esq. of GATTON & ASSOCIATES, P.C. BOXLIGHT CORP: L1 Capital Holds 7.8% of Class A Common Shares ------------------------------------------------------------- L1 Capital Global Opportunities Master Fund, Ltd., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 24, 2025, it beneficially owns 430,000 shares of Boxlight Corp's Class A Common Stock, $0.0001 par value, representing approximately 7.8% of the outstanding Class A Common Stock, based on 5,512,319 shares outstanding). The shares are held under sole voting and dispositive power by the reporting person. L1 Capital may be reached through: David Feldman, Director 161A Shedden Road, 1 Artillery Court, PO Box 10085 Grand Cayman, Cayman Islands KY1-1001 Tel: 646-688-5654 A full-text copy of L1's SEC report is available at: https://tinyurl.com/5a7kveya About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $39.0 million as of June 30, 2025, matures on Dec. 31, 2025. As of June 30, 2025, the Company's short-term debt will mature within the six months. The Company said it is seeking to refinance its debt with new lenders but noted there is no guarantee the effort will succeed before the Term Loan matures, at which point all amounts will be due. As of June 30, 2025, the Company had cash and cash equivalents of $7.6 million, a working capital balance of ($0.5) million, and a current ratio of 0.99. Boxlight reported total assets of $99.20 million, total liabilities of $91.32 million, total mezzanine equity of $28.51 million, and a total stockholders' deficit of $20.63 million. BROOKDALE SENIOR: Nikolas Stengle Appointed as CEO, Director ------------------------------------------------------------ Brookdale Senior Living Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Nikolas W. Stengle as the Company's Chief Executive Officer effective October 6, 2025. In addition, the Board also increased the number of directors of the Company to nine directors and appointed Mr. Stengle as a member of the Board to fill the resulting vacancy, effective October 6, 2025, for a term scheduled to expire at the 2026 annual meeting of stockholders and until his successor is duly elected and qualified, or until his earlier resignation or removal. Mr. Stengle will serve as the Company's principal executive officer effective upon his appointment. Mr. Stengle, age 49, joins the Company from Gentiva where he served as President and Chief Operating Officer since August 2022. Previously, he served as Executive Vice President and Chief Operating Officer for Kindred at Home, a predecessor to Gentiva, from January 2020 to August 2021. In addition, from August 2021 to August 2022, Mr. Stengle served as Executive Vice President and Chief Operating Officer for Sunrise Senior Living LLC. Prior to 2020, he served as a member of the portfolio operations team for TPG Capital. He also previously served as Senior Vice President of Operations for HMSHost International, as Vice President of Global Operations for Marriott International, and as project leader for the Boston Consulting Group. Mr. Stengle also served 11 years in the United States Air Force, holding multiple positions during his service, including as a Top Gun Instructor Pilot, Combat Fighter Pilot, Flight Commander, and Deputy Director of Operations after graduating from the U.S. Air Force Academy with academic and military honors. Mr. Stengle earned an M.B.A. from Touro University. There are no family relationships, as defined in Item 401 of Regulation S-K, between Mr. Stengle and any of the Company's executive officers or directors. Mr. Stengle has not engaged in any transaction with the Company during the last fiscal year, and does not propose to engage in any transaction, that would be reportable under Item 404(a) of Regulation S-K. There is no arrangement or understanding between Mr. Stengle and any other person pursuant to which he was appointed to serve as Chief Executive Officer and a director. On October 1, 2025, the Company entered into an employment agreement with Mr. Stengle reflecting the terms and conditions of his role as the Chief Executive Officer of the Company, effective on October 6, 2025. The Employment Agreement has a three-year term, subject to automatic extensions for additional one-year periods, unless either Mr. Stengle or the Company gives written notice of non-renewal to the other no less than 90 days prior to the expiration of the term. The Employment Agreement provides an initial base salary of $950,000 per year. His base salary shall be reviewed annually, with the first annual review to occur with respect to base salary effective as of January 1, 2027, and may be increased from time to time at the Board's sole discretion, but in no event shall the base salary be reduced without Mr. Stengle's written approval. Mr. Stengle will have an annual cash bonus opportunity target of 140% of cumulative base salary paid during the calendar year, subject to the terms of the Company's incentive compensation plan for senior executive officers. He will also receive a cash sign-on bonus of $370,000 to be paid in January 2026. At least annually, Mr. Stengle will be considered for an award of long-term incentive awards at a level commensurate with his position and in a form and on terms no less favorable than as provided to other senior executive officers of the Company, and his long-term incentive awards for 2026 will have an aggregate target grant value of $4,650,000. In addition, Mr. Stengle will receive assistance with relocation to the Nashville, Tennessee area and other customary benefits. In connection with his appointment, on October 6, 2025, Mr. Stengle will be granted restricted stock units under the Brookdale Senior Living Inc. 2024 Omnibus Incentive Plan with an aggregate target grant value of (x) $1,162,500, which is a prorated amount of his anticipated 2026 awards, and (y) $2,000,000, which is a special one-time inducement grant. * 40% of the awards will consist of time-based RSUs, eligible to vest ratably in three installments on October 6, 2026, 2027, and 2028, subject to continued employment. * 60% of the awards will consist of performance-based RSUs, eligible to vest on October 6, 2028, subject to continued employment and the achievement of certain stock price hurdles. The performance-based awards may be earned from 0% to 300% of the target number of performance-based RSUs based on the Company's average closing stock price over the 20-trading days ending on October 5, 2028. Performance below threshold results in no RSUs vesting, achievement of the targeted level of performance will result in the vesting of 100% of such shares, and vesting percentages will be interpolated between the applicable levels outlined in the long-term incentive award agreement. The Employment Agreement provides that, in the event Mr. Stengle's employment is terminated by the Company for "cause" or he resigns without "good reason" (each as defined therein), he will be entitled to receive: (i) accrued base salary through the date of termination; (ii) any annual bonus earned but unpaid as of the date of termination for any previously completed calendar year; (iii) reimbursement for any properly incurred business expenses; and (iv) benefits, if any, to which he may be entitled under the Company's benefits plans. In the event Mr. Stengle's employment is terminated by the Company without cause or he resigns for good reason, other than within 18 months following a "change in control" as defined in the Employment Agreement, he will be entitled to receive the Accrued Benefits and, upon signing a release of claims and continuing to comply with all applicable restrictive covenants, the following severance payments and benefits: (i) 150% of his base salary and target annual bonus for the year of termination, paid in installments over 18 months; (ii) an annual bonus for the year of termination (to the extent earned under the terms of the bonus plan), pro-rated based on the number of days he was employed by the Company; and (iii) if then eligible for, and he elects continuation of health coverage under COBRA, the Company will pay the employer portion of his COBRA premium payments for up to 18 months as if he were still an active employee of the Company. If Mr. Stengle's employment is terminated by reason of his death or "disability" (as defined in the Employment Agreement), he (or his beneficiary or estate, as applicable) will be entitled to receive the Accrued Benefits and the Pro-Rated Annual Bonus, subject, in the event of termination by reason of disability, to Mr. Stengle's signing a release of claims and continuing to comply with all applicable restrictive covenants. In the event Mr. Stengle's employment is terminated by the Company without cause, or by Mr. Stengle for good reason, within 18 months following a change in control, he will be entitled to receive the Accrued Benefits and, subject to his signing a release of claims and continuing to comply with all applicable restrictive covenants: (i) 200% of the sum of his base salary and the target bonus for the year of termination, paid in a lump-sum upon termination; (ii) the target bonus for the year of termination, pro-rated based on the number of days he was employed by the Company during such year, paid in a lump-sum upon termination; and (iii) the Severance Benefits. Termination of Mr. Stengle's employment within 30 days of the end of the initial term or any renewal term of the Employment Agreement following the provision of written notice of non-renewal by the Company will be treated as a termination of Mr. Stengle's employment without cause for purposes of the Employment Agreement and for purposes of any long-term incentive awards granted to Mr. Stengle during the term of the Employment Agreement. With respect to any termination of Mr. Stengle's employment, treatment of long-term incentive awards will be as provided in the applicable award agreement governing such awards. Any payments that are not deductible to the Company under Section 280G of the Internal Revenue Code will be cut back only to the extent that the cutback results in a better after-tax position for Mr. Stengle. The Employment Agreement contains non-competition, non-solicitation, confidentiality, and mutual non-disparagement covenants. The non-competition restrictions will continue in effect during Mr. Stengle's employment and for one year following termination of employment. The non-solicitation restrictions will continue in effect during his employment and for two years following his termination of employment. The confidentiality and mutual non-disparagement obligations will apply during his employment and thereafter. A copy of the Employment Agreement is available at https://tinyurl.com/bddc7h5d The Company will enter into an Indemnification Agreement with Mr. Stengle in substantially the form of the Form Indemnification Agreement for Directors and Officers filed by the Company with the Securities and Exchange Commission on February 28, 2011 as an exhibit to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010. In connection with the appointment of Mr. Stengle, the Company's current Interim Chief Executive Officer, Denise W. Warren, will resume serving as the Company's Non-Executive Chairman of the Board and the Office of the CEO will dissolve, each as of October 6, 2025. Following Mr. Stengle's appointment, the Board has determined that Mr. Warren again will qualify as an independent director under the listing standards of the New York Stock Exchange and applicable Securities and Exchange Commission rules. Each of Dawn L. Kussow, Executive Vice President and Chief Financial Officer of the Company, and Chad C. White, Executive Vice President, General Counsel and Secretary of the Company, the other members of the Office of the CEO, will remain in their current positions with the Company following the dissolution of the Office of the CEO. About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. As of June 30, 2024, Soluna Holdings had $6.14 billion in total assets, $6.03 billion in total liabilities, and $106.78 million in total equity. * * * Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BROTHER JOHN'S: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- Brother John's BBQ, LLC asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to pay critical post-petition operating expenses as outlined in the budget. The Debtor operates from three leased locations in Tucson: a restaurant, an event catering business, and a commercial kitchen. As of the filing date, the Debtor employed 36 people (33 W-2 employees and three independent contractors). A Uniform Commercial Code lien search identified multiple creditors with filed liens against the Debtor's assets, including the U.S. Small Business Administration and other secured creditors. While the Debtor is still determining the validity and extent of these liens, it proposes using business income in accordance with its budget, allowing for a 20% variance. The Debtor argues that the Lenders will be adequately protected through two mechanisms: (1) the preservation of the going-concern value of the business, which enhances the value of the Lenders' collateral, and (2) the granting of replacement liens on post-petition assets. The Debtor's financial troubles stem from a seasonal revenue downturn during Tucson's summer months, prompting it to rely on high-interest loans from merchant cash advance lenders. These MCA lenders have been sweeping the Debtor's bank accounts, worsening its cash flow. A failed attempt to consolidate debt with Coastal Debt Resolve led to further issues when Coastal diverted the Debtor's credit card revenue to a separate LLC, exacerbating the Debtor's financial instability. To regain control of its accounts and restructure its debt, the Debtor filed for bankruptcy. A court hearing is set for October 22. About Brother John's BBQ LLC Brother John's BBQ, LLC operates a restaurant, an event catering business, and a commercial kitchen. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 4:25-bk-09288) on September 30, 2025. In the petition signed by David Aldecoa, managing member, the Debtor disclosed up to $ million in both assets and liabilities. Jody A. Corrales, Esq., at DeConcini McDonald Yetwin & Lacy, P.C., represents the Debtor as legal counsel. BURGER BOSSCO: S&P Withdraws 'CCC+' Issuer Credit Rating -------------------------------------------------------- S&P Global Ratings withdrew its 'CCC+' issuer credit ratings on Burger BossCo Intermediate Inc. and its subsidiary, Checkers Holdings Inc., at the issuer's request following the completion of its private refinancing. At the time of the withdrawal, our outlook on the company was negative. At the same time, we withdrew our 'B' issue-level rating and '1' recovery rating on the company's first-out delay draw loan and our 'CCC+' issue-level rating and '3' recovery rating on its last-out loan because it has repaid all its rated debt facilities. BURGERFI INT'L: $120,000 Cash Belongs to DIP Lender, Court Says --------------------------------------------------------------- Judge Craig T. Goldblatt of the United States Bankruptcy Court for the District of Delaware granted in part and denied in part the motion of BurgerFi International, Inc.'s liquidating trust for an order that would clarify the confirmed plan of reorganization. The debtors in these bankruptcy cases were the owners, operators, and franchisors of two restaurant chains -- BurgerFi and Anthony's Coal Fired Pizza & Wings. The debtors filed these bankruptcy cases in September 2024, owing approximately $75 million to groups of secured creditors: -- about $60 million to TREW, their senior lender, and -- additional $15 million to a junior lender. The debtors had marketed their businesses prepetition and filed for bankruptcy seeking to complete a sale process. TREW agreed to provide a debtor-in-possession loan to finance an expedited bankruptcy process under which it intended to acquire the debtors' businesses by credit bidding its prepetition and DIP loans. Beginning after the formation of the Committee and running through a "second-day" hearing, the debtors, the Committee, and TREW agreed to a slightly longer process that would be funded by a slightly larger DIP loan than originally proposed. In the end, the Court approved a DIP loan of approximately $6.75 million in new money and a sales process that would run through a sale hearing in early November -- about 60 days after the petition date. The debtors, the Committee, and TREW agreed to a budget that the parties believed would be sufficient to pay administrative expenses until the closing of the asset sales, with cash left behind to fund the plan process. The agreement further contemplated that TREW -- if it were the winning bidder -- would contribute $250,000 to fund the post-confirmation trust. The parties agreed that the buyer -- whether TREW or another winning bidder -- would be responsible for the costs associated with operating the businesses upon and after the closing of the sale. The parties also agreed that certain estate causes of action would be contributed to the post-confirmation trust, and they agreed on a formula for sharing the proceeds of any recoveries on those causes of action between general unsecured creditors and TREW, which would recover its share of those proceeds -- 40% of recoveries after other unsecured creditors receive distributions of $350,000 -- until its deficiency claim was paid in full. The bankruptcy process appears to have operated as intended, with competitive auctions taking place for the assets related to both the BurgerFi business and the Anthony's Coal Fired Pizza business. TREW, however, emerged as the successful bidder for both businesses -- acquiring the BurgerFi assets for a credit bid of $10 million and the Anthony's Coal Fired Pizza business for a credit bid of $44 million. Both sales were approved by the Court and closed in November 2024. The Court confirmed a plan, which was broadly consistent with the agreement described by the parties at the October 2024 second-day hearing, in March 2025. Following confirmation, a dispute arose between TREW and the post-confirmation trust over the parties' rights with respect to: (a) certain unearned insurance premiums (in the amount of approximately $885,000) that were paid by the debtors and that the estates are entitled to have refunded; and (b) approximately $120,000 in cash that was reserved for wind down expenses but, because the parties had budgeted conservatively, not paid. The liquidating trustee moved that the confirmed plan be "clarified" to make clear these amounts are the property of the liquidating trust. This dispute is primarily about the terms of various court-approved agreements: the DIP loan, the asset purchase agreements, and the plan. The plan envisioned that administrative expenses and other priority claims would be paid out of cash the debtors were holding on the effective date of the plan, with the balance paid to TREW in satisfaction of its secured claim. Cash the trust might thereafter receive would be distributed in accordance with the plan. One key provision of that plan is an agreed "waterfall" that reflects the settlement among TREW, the Committee, and the debtors. The parties dispute whether either the approximately $880,000 it expects to receive or the $120,000 in cash the trust is holding is even subject to this distribution mechanic. While TREW acquired substantially all of the assets of the BurgerFi and Anthony's Coal Fired Pizza businesses, it also: (a) financed the cost of the bankruptcy cases through the DIP loan; (b) left cash in the debtors after the closing of the sale to permit the completion of the plan process; (c) funded the post-confirmation trust with $250,000; and (d) agreed to a sharing of the proceeds of estate causes of action and to a subordination of at least certain of its own recoveries to the claims of unsecured creditors. TREW's principal contention is that the unearned insurance premiums were assets that they purchased from the debtors when they acquired the assets of the BurgerFi and Anthony's Coal Fired Pizza entities, and that those assets therefore do not belong to the liquidating trust. The parties filed a cash collateral budget, after the closing of the sale, that provided that the debtors would retain approximately $800,000 of cash collateral to reserve for the remaining administrative obligations through the plan's effective date. As it turns out, however, the budget was a conservative one, and approximately $120,000 in cash remained in the accounts when the plan became effective. TREW contends that this amount is its cash collateral under the DIP loan, and that it is now entitled to that cash. The liquidating trust counters that the DIP loan was fully repaid via the lenders' credit bidding the DIP to acquire the debtors' assets, and that the liquidating trust is accordingly entitled to those funds. Relatedly the DIP loan itself provides that the debtors were responsible for the payment of the lender's fees. TREW has submitted invoices to the liquidating trust seeking the payment of approximately $195,000 in such fees. The Court concludes that the unambiguous text of the plan provides that the assets that come into the estate after the effective date (including the unearned insurance premiums) are subject to the plan's term stating that the liquidating trust's expenses must be paid or reserved for before the funds flow through to the secured creditor. The Court finds these insurance premiums are specifically identified in the "excluded assets" provision in Sec. 2.2, which provides that for the avoidance of doubt unearned or refunded insurance policy premiums are "excluded assets". As such, the unearned insurance premiums were not purchased by TREW. Accordingly, these premiums became trust property. The Court rejects, however, the liquidating trust's contention that the plan subordinates the secured creditor's recovery on account of its collateral until unsecured creditors receive $350,000 in distributions. With respect to the $120,000 of cash, however, the language and context of the agreement make clear that these funds are collateral that secures remaining obligations under the DIP loan, including various lender fees. A copy of the Court's Memorandum Opinion dated October 2, 2025, is available at https://urlcurt.com/u?l=lQw8bq from PacerMonitor.com. About BurgerFi Int'l BurgerFi International, Inc. (NASDAQ:BFI) is a multi-brand restaurant company that develops, markets, and acquires fast casual and premium-casual dining restaurant concepts around the world, including corporate-owned stores and franchises. BurgerFi International, Inc. is the owner and franchisor of two brands with a combined 144 locations: (i) Anthony's, a premium pizza and wing brand with 51 restaurants (50 corporate-owned casual restaurant locations and one dual brand franchise location), as of Sept. 10, 2024, and (ii) BurgerFi, among the nation's fast-casual better burger concepts with 93 BurgerFi restaurants (76 franchised and 17 corporate-owned) as of Sept. 10, 2024. BurgerFi International, Inc., and 114 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code on Sept. 11, 2024 (Bankr. D. Del. Lead Case No. 24-12017). The Honorable Judge Craig T. Goldblatt presided over the cases. Raines Feldman Littrell LLP served as the Debtors' counsel. Force Ten Partners' Jeremy Rosenthal served as the Company's Chief Restructuring Officer. Sitrick and Company served as strategic communications advisor to the Company. Stretto served as the claims agent. * * * TREW, the DIP Lender, was declared the successful bidder for the BurgerFi business and the Anthony's Coal Fired Pizza business. TREW acquired the BurgerFi assets for a credit bid of $10 million and the Anthony's Coal Fired Pizza business for a credit bid of $44 million. Both sales were approved by the Court and closed in November 2024. The Court confirmed a plan in March 2025. The Plan established a liquidating trust. BW HOMECARE: S&P Lowers ICR to 'SD' on Completed Debt Transaction ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on BW Homecare Holdings LLC, which does business as Elara Caring, to 'SD' (selective default) from 'CCC' and its issue-level rating on the company's second-out term loan and third-out term loan to 'D' from 'CC'. S&P also withdrew its rating on the first-out term loan to reflect its repayment at par. In the coming days, S&P plans to reevaluate our issuer credit rating on Elara to reflect its expectation for another distressed transaction given the company's upcoming maturities. BW Homecare announced the completion of a debt refinancing and amendment transaction to support its liquidity position. As a part of the transaction, an ad hoc group of second-out term loan lenders agreed to forbear maturity and cash interest through Jan. 31, 2026, and provide new money to refinance Elara's first-out term loan at par and add cash to the balance sheet. In addition, third-out term loan lenders agreed to forbear maturity and cash interest through Jan. 31, 2026. S&P said, "We view this transaction as distressed and tantamount to a default given the company would have otherwise had inadequate liquidity to support operations. In addition, the second-out and third-out lenders didn't receive any form of compensation as a part of the transaction. "The downgrade follows a transaction that we view as distressed and tantamount to a default. Prior to the transaction, we viewed Elara's capital structure as unsustainable given S&P Global Ratings-adjusted leverage of over 15x, multiple tranches of PIK debt converting to cash interest in September, and upcoming maturities in January 2026. In addition, the company's revolver matures in mid-October. Absent a transaction to support liquidity, Elara would have been unlikely to fund ongoing operations and debt service payments. As a part of the transaction, an ad hoc group of second-out term loan lenders agreed to forbear maturity and cash interest through Jan. 31, 2026, and provide new money to refinance Elara's first-out term loan at par and add cash to the balance sheet. "Given our prior view of the capital structure and liquidity and the lack of compensation for the second- and third-out term loan lenders, we view this transaction as distressed and tantamount to a default. "We expect to reevaluate our issuer credit rating on Elara in the coming days. The amended credit agreement requires Elara to enter a binding milestone transaction that provides for the full repayment (par plus accrued interest) of the second-out term by Jan. 31, 2026. Given the company's highly leveraged financial risk profile, constrained liquidity, and upcoming maturities, we believe another distressed transaction or a traditional payment default to be highly likely during this time frame." C & P AUTO: Section 341(a) Meeting of Creditors on November 6 ------------------------------------------------------------- On October 2, 2025, C & P Auto Service Center Inc. filed Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports $1,717,076 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 6, 2025 at 01:30 PM at Appear by Teams. About C & P Auto Service Center Inc. C & P Auto Service Center Inc., operating under the trade name Weber Swift Car Care, provides automotive repair and maintenance services, including tire sales, routine maintenance, diagnostics, and general auto repairs. C & P Auto Service Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-15215) on October 2, 2025. In its petition, the Debtor reports estimated total assets of $10,600 and total liabilities of $1,717,076. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtor is represented by David P. Lloyd, Esq. of DAVID P. LLOYD, LTD. CABALLITO LLC: Seeks Chapter 11 Bankruptcy in Puerto Rico --------------------------------------------------------- On October 9, 2025, Caballito LLC voluntarily sought Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Puerto Rico. In its petition, the company disclosed liabilities ranging from $100,001 to $1 million. The filing also indicates that the company has an estimated one to forty-nine creditors. About Caballito LLC Caballito LLC is a limited liability company. Caballito LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 25-04578) on October 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Mildred Caban handles the case. The Debtor is represented by Jose M. Prieto Carballo, Esq. of JPC LAW OFFICE. CALDERIA INC: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Calderia, LLC 119 Forest Street Worcester MA 01609 Case No.: 25-41068 Business Description: The Debtor owns and manages real estate properties on Nook Road and Summer Street in Plymouth, Massachusetts, and on South Ridge Avenue in Kannapolis, North Carolina. Chapter 11 Petition Date: October 8, 2025 Court: United States Bankruptcy Court District of Massachusetts Judge: TBD Debtor's Counsel: James P. Ehrhard, Esq. 27 Mechanic Street, Worcester MA 01608 Tel: 508-791-8411 Email: ehrhard@ehrhardlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dawna Thomas-Foote as manager. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PXF432I/Calderia_LLC__mabke-25-41068__0001.0.pdf?mcid=tGE4TAMA CALDERIA LLC: Seeks Chapter 11 Bankruptcy in Massachusetts ---------------------------------------------------------- On October 8, 2025, Calderia LLC voluntarily filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Massachusetts. Court documents show that the company's liabilities are estimated between $1 million and $10 million. The filing further indicates that Calderia LLC has between 1 and 49 creditors. About Calderia LLC Calderia LLC is a limited liability company. Calderia LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-41068) on October 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by James P. Ehrhard, Esq., of Ehrhard & Associates. CAREVIEW COMMUNICATIONS: Extends Credit Deal Maturity to Dec. 31 ---------------------------------------------------------------- As previously reported, CareView Communications, Inc., CareView Communications, Inc., a Texas corporation and a wholly owned subsidiary of the Company (the "Borrower"), and PDL Investment Holdings, LLC (as assignee of PDL BioPharma, Inc.), in its capacity as administrative agent and lender, entered into that certain Credit Agreement as of June 26, 2015, which was subsequently amended by the First Amendment through the Eight Amendment as of October 7, 2015, February 23, 2018, July 13, 2018, April 9, 2019, May 15, 2019, February 6, 2020, May 31, 2023, and September 30, 2023 respectively. On September 30, 2025, the Company, the Borrower, the Lender, Steven G. Johnson, President and Chief Executive Officer of the Company, and Dr. James R. Higgins, a director of the Company, entered into a Twelfth Amendment to Credit Agreement, pursuant to which the parties agreed to amend the Credit Agreement to: (i) provide that the Maturity Date shall be extended to December 31, 2025. The foregoing descriptions of the Twelfth Amendment to Credit Agreement are qualified, in their entirety, by reference to such amendment, a copy of which is available at https://tinyurl.com/yhzrj28k About CareView Communications Headquartered in Lewisville, Texas, CareView Communications, Inc. -- http://www.care-view.com-- is a provider of products and on-demand application services for the healthcare industry, specializing in bedside video monitoring, software tools to improve hospital communications and operations, and patient education and entertainment packages. Somerset, New Jersey-based Rosenberg Rich Baker Berman & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company's net losses, cash outflows, and working capital deficit that raise substantial doubt about its ability to continue as a going concern. The Company has experienced net losses and significant cash outflows from cash used in operating activities over the past years. As of and for the year ended December 31, 2024, the Company had an accumulated deficit of approximately $212,586,000, a loss from operations of approximately $1,577,000, net cash used in operating activities of $(238,652) and an ending cash balance of $759,266. As of December 31, 2024, the Company had a working capital deficit of $41,138,868. As of June 30, 2025, the Company had $5.52 million in total assets, $47.16 million in total liabilities, and a total stockholders' deficit of $41.63 million. CAUSEY STREETER: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: Causey Streeter CPAs, LLC 1150 Sanctuary Parkway Ste. 410 Alpharetta Ga 30009 Case No.: 25-61703 Business Description: Causey-Streeter CPAs, LLC provides accounting and tax services to high-net- worth individuals and small businesses, ranging from basic tax management to advanced tax planning and reduction strategies. The firm operates in the United States and delivers personalized financial guidance through experienced tax professionals. Its services include tax preparation, planning, and consulting tailored to its clients' individual and business needs. Chapter 11 Petition Date: October 7, 2025 Court: United States Bankruptcy Court Northern District of Georgia Judge: TBD Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 Email: wrountree@rlkglaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Justin Streeter as member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JEDSBZI/Causey_Streeter_CPAs_LLC__ganbke-25-61703__0001.0.pdf?mcid=tGE4TAMA CELSIUS HOLDINGS: S&P Rates New $700MM Term Loan B 'BB+' -------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '1' recovery rating to Celsius Holdings Inc.'s new $700 million term loan B. S&P said, "At the same time, we raised our issue-level rating on the company's existing $100 million revolving credit facility to 'BB+' from 'BB'. The '1' recovery rating on both facilities indicates our expectation for very high (90%-100%; rounded estimate: 90%) recovery for lenders in the event of a payment default. "Celsius repaid its existing $900 million term loan B facility using the proceeds from the new $700 million term loan B, along with $200 million of cash on hand. The applicable interest margin on the company's new credit facility is 75 basis points lower than the prior level. Because we currently net Celsius' accessible cash against its debt when calculating its S&P Global Ratings-adjusted debt, we view this transaction as leverage neutral. "Our 'BB-' issuer credit rating on Celsius is unchanged. The company's results for the second quarter ended June 30, 2025, exceeded our expectations due to high demand for its recently acquired Alani Nu line, paired with Celsius returning closer to its higher-than-industry growth rates. We continue to project Celsius will delever closer to 3x by the end of fiscal year 2025." Issue Ratings--Recovery Analysis Key analytical factors Celsius' debt capital structure consists of: -- a $100 million revolving credit facility (undrawn at close); and -- a $700 million first-lien term loan B. Security and guarantee package The RCF and term loan B benefit from a perfected first-priority pledge of all the equity interests directly held by the loan parties in their respective first-tier domestic subsidiaries and security interest in substantially all the assets of the loan parties, subject to customary carve-outs and limitations. International subsidiaries are nonguarantors of the debt and first-tier international subsidiaries of loan parties are subject to a 65% stock pledge. Insolvency regime S&P said, "Celsius Holdings is headquartered in Boca Raton, Fla. In the event of an insolvency proceeding, we anticipate the company would file for bankruptcy protection under the auspices of the U.S. federal bankruptcy court system and would not involve other foreign jurisdictions. We believe the company's creditors would receive maximum recovery in a payment default scenario if it was reorganized rather than liquidated because of its leading position in the U.S. energy drinks market, recognized brand names, national footprint, established distribution network in partnership with PepsiCo, and manufacturing facilities. Therefore, in evaluating the recovery prospects for its debtholders, we assume the company continues as a going concern and arrive at our emergence enterprise value by applying a multiple to our assumed emergence EBITDA." Simulated default assumptions S&P's simulated default scenario contemplates a potential default in 2029 stemming from a prolonged economic downturn, heightened competition from financially robust global beverage companies and private-label competitors, poor integration execution, the loss of key clients, and fluctuating input costs. Additionally, evolving environmental and regulatory risks also contribute to a default scenario. These factors would likely lead to a substantial deterioration in Celsius' EBITDA and cash flows, ultimately leading to a payment default. Simplified waterfall -- Debt service assumption: $47 million (assumed default-year interest expense and amortization) -- Minimum capital expenditure assumption: $32 million -- Emergence EBITDA: $79 million -- Operational adjustment: $47 million -- Emergence EBITDA after recovery adjustment: $127 million -- Multiple: 6x -- Gross recovery value: $759 million -- Net recovery value for waterfall after 5% administrative expenses: $721 million -- Obligor/nonobligor valuation split: 95%/5% -- Total first-lien secured debt: $783 million -- Total value available to secured first-lien debt: $721 million --Recovery expectations: 90%-100% (rounded estimate: 90%) Note: All debt amounts include six months of prepetition interest. CENTER FOR SPECIAL: Court OKs Clearwater Property Sale to D. Quirk ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has permitted Michael Goldberg, the Chapter 11 Trustee of the case for The Center for Special Needs Trust Administration Inc. to sell Property, owned by Broadleaf Warner LLC, free and clear of all liens, claims, interests, and encumbrances. The Debtor is a 501(c)(3) non-profit Florida corporation that administers pooled trusts and special needs trusts. The Debtor is the trustee or co-trustee of numerous special needs trusts, including both stand-alone trusts and pooled trusts for approximately 2,000 beneficiaries who suffer from various levels of disability. The Debtor's primary service as trustee of the Trusts is to manage the Trusts, maintain records for assets managed by third party investment managers, respond to request for distributions from Beneficiaries, and make distributions in a manner that still ensures that the applicable beneficiary meets the income and asset thresholds to qualify for certain public assistance benefits, such as Medicaid, Social Security, or Supplemental Security Income. The Debtor's services help to ensure that Beneficiaries maintain their qualification for these critical public assistance benefits. The Court has authorized the Debtor to sell the Property to Dawn R. Quirk and Justin J. Bull. The Sale of real property located at 0000 Pumpkin Hill Road, Warner, NH 03278, between the Trustee and the Buyers for a total purchase price of $675,000.00 was the result of arm's-length, good-faith negotiations. The Trustee and the Purchaser are proceeding in good faith. The Purchaser is unrelated to the Trustee, the Debtor, or Leo Govoni. The Purchase Price is fair and reasonable. The Chapter 11 Trustee has authority to sell the Real Property because he is now the sole member of Broadleaf Warner LLC. William A. Long, Jr., pursuant to this role as Chief Restructuring Officer of Broadleaf Warner LLC's parent companies, is allowed to execute sale documents and any other required documentation in order to complete the sale of the Real Property. The Proposed Sale of the Real Property is undertaken by the Purchaser in good faith and accordingly, the reversal or modification on appeal of the authorization provided herein to consummate the sale and any transactions related to the sale shall not affect the validity of the sale of the Real Property to the Purchaser or its assigns, unless such authorization is duly stayed pending such appeal. About The Center for Special Needs Trust Administration The Center for Special Needs Trust Administration, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9, 2024, with $100 million to $500 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. On March 4, 2024, the U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Underwood Murray, PA as bankruptcy counsel and Gilbert Garcia Group, PA as special counsel. CHEMTRADE LOGISTICS: DBRS Assigns 'BB' Credit Rating, Trend Stable ------------------------------------------------------------------ DBRS Limited assigns a credit rating of BB with a Stable trend to Chemtrade Logistics, Inc.'s (Chemtrade or the Company; rated BB (high), Stable) $250 million of 5.750% Senior Unsecured Notes issuance (the Notes) due October 1, 2032, which closed on October 1, 2025. The Recovery Rating on the Notes is RR5. The Company intends to use the net proceeds of the Notes to repay indebtedness and for general corporate purposes. The Notes are senior unsecured obligations of the Company and will rank pari passu in right of payment with all other existing and future senior unsecured indebtedness, and senior in right of payment to all existing and future subordinated indebtedness. The Notes will be effectively subordinated to all existing and future senior secured indebtedness. The Notes will be fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by Chemtrade Logistics Income Fund and certain Restricted Affiliates, which accounted for more than 90% of Chemtrade's total assets and more than 95% of Chemtrade's total revenue as at and for the six-month period ended June 30, 2025, and certain future Restricted Affiliates. CHICAGO US MIDCO: S&P Assigns 'B' ICR, Outlook Stable ----------------------------------------------------- On Oct. 8, 2025, S&P Global Ratings assigned its 'B' issuer credit rating to Chicago US MidCo III, LP (d/b/a NFP Wealth or NFPW). S&P also assigned its 'B' issue level rating with '3' recovery rating to its proposed $985 million first lien term loan B, $125 million revolving credit facility, and $150 million delayed draw term loan facility (DDTL). The stable outlook indicates that over the next 12 months, NFPW will continue to grow organically and through mergers and acquisitions (M&A), while maintaining S&P Global Ratings adjusted debt to EBITDA of 6.0x-7.0x and EBITDA interest coverage of 2.0x-3.0x. The 'B' rating on NFPW reflects its history of organic growth and integrated operating model, partially offset by limited earnings scale and average profitability. It also indicates that the company will maintain leverage of 6.0x-7.0x, as measured by S&P Global Ratings-adjusted debt to EBITDA. S&P expects NFPW to continue growing organically and through M&A. As of March 31, 2025, NFPW had $65 billion in private wealth AUM/A and $420 billion in institutional AUM/A. The company's average organic growth is about 9% annually (inclusive of net inflows and market movement) over the past eight years. NFPW also strategically focuses on acquisitions and successfully completed 28 acquisitions since 2019, representing about $80 million of acquired EBITDA. The rapid growth has helped NFPW increase its market share in the highly fragmented registered investment advisor (RIA) industry. NFPW offers its services through various brands, including Wealthspire, Fiducient, Newport Private Wealth, Ground Control and NFP Retirement. After the transaction S&P expects the company to operate through one or more of these brands. S&P said, "We expect high client and advisor retention to support the company's AUM growth. NFPW has about 18,100 clients across 290 advisors, as of March 30, 2025. For the same period, advisor retention was about 95% and client retention was 98%, in line with peers. The company drives its net new assets primarily through internal referrals. Its AUM is well diversified by advisor and region, which we view positively." NFPW's revenue is largely driven by asset-based fees, but it benefits from some fixed-fee revenues. NFPW generates revenue from wealth management and advisory services, which include fees for performing services such as asset management or advisory services, financial and tax planning services, consulting and advisory services related to sponsored retirement plans, business management services, and other related services. The revenue stream is primarily fee-based and recuring in nature, which can fluctuate because of macroeconomic factors and market volatility. That said, NFPW generates about 35% of its revenue from fixed fees and hourly billing, uncorrelated to the markets, which we view favorably. S&P said, "We view the wealth manager model positively. Similar to traditional asset managers, wealth managers generate strong free cash flow and have limited working capital or capital expenditure demands. We think a wealth manager's capital base is likely to be more stable than that of a traditional asset manager, since the business focuses on relationships with high-net-worth and ultra-high-net-worth clients rather than just asset performance. "Consequently, while many traditional managers have had prolonged periods of outflows, wealth managers have consistently garnered new clients and, hence, new assets. Overall, we view this favorably because it provides some stability for NFPW's AUM/A base and visibility into cash flows. "Offsetting these strengths are NFPW's relatively small scale and average profitability. While we think the wealth management industry has solid growth potential, NFPW still lacks the size and scale of larger wealth managers, such as Focus Financial Partners (B/Stable/--) and The Edelman Financial Engines (B/Stable/--), which have much larger earnings bases. However, we believe NFPW's margins have upside potential due to its fully-integrated business model, bringing the companies it acquires into one platform for middle and back office functions. We think this model will help the company save costs as it grows. We expect EBITDA margins, by our calculations, to be 25%-30% over the next 12 months. "We expect NFPW's S&P Global Ratings-adjusted leverage to be 6x-7x over the next 12 months. NFPW ended 2024 with leverage of 1.2x. With the incremental debt from the proposed transaction, we expect leverage to rise sharply to the mid-6.0x range, before declining slightly in 2026, as NFPW continues to grow. Given its strategic focus on rapid growth amid consolidation in the broader wealth manager sector, as well as its private equity ownership, NFPW is, in our view, comfortable operating with high leverage. "We expect NFPW to continue making acquisitions, while competition in the industry keeps acquisition multiples high, pressuring the returns on NFPW's investments in new RIAs. That said, we expect incremental debt for acquisitions to be matched by EBITDA growth, resulting in leverage, pro forma for closed acquisitions, below 7.0x. Our forecast does not assume sizable dividends to be paid to the financial sponsors, MDP, in the next few years, as the company prioritizes reinvesting cash into growth. "We also expect EBITDA interest coverage to be 2.0x-3.0x in the next 12 months. "The stable outlook reflects our expectation that NFPW's leverage, as measured by S&P Global Ratings adjusted debt to EBITDA, will be 6.0x-7.0x, and EBITDA interest coverage will be 2.0x-3.0x, over the next 12 months, while the company continues to grow its AUM/A. "We could lower our rating if NFPW's leverage increases above 7.0x on a sustained basis or EBITDA interest coverage ratio falls below 2.0x on a sustained basis, due to weakening earnings as shown by sustained net outflows, deteriorating financial markets, or issuing further debt without commensurate earnings growth. "We could raise the rating over next 12 months if the company grows its earnings base and expands margins. We could also raise the rating on NFPW if leverage declines to below 5.0x on a sustained basis, and we expect financial policy to support those levels." CHPPR MIDCO: S&P Upgrades ICR to 'B', Outlook Stable ---------------------------------------------------- S&P Global Ratings raised its issuer credit rating on CHPPR MidCo Inc. (d/b/a Air Methods) to 'B' from 'B-'. At the same time, S&P raised its issue-level rating on the company's senior secured term loan to 'B' from 'B-'. The '3' recovery rating remains unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a payment default. S&P said, "The stable outlook reflects our expectation that CHPPR will increase its patient transport revenue by the high-single-digit percent area in 2025 and thereafter due to a sustained improvement in its net revenue per transport (NRPT) and increased demand following the completion of its greenfield bases. The stable outlook also reflects our view that CHPPR will generate FOCF to debt of more than 5% on an annual basis. The upgrade reflects CHPPR's improved operational performance, supported by a favorable reimbursement environment. The company has materially improved its financial performance since its emergence from bankruptcy in late 2023. CHPPR's 2024 revenue exceeded our prior expectations by 8% and it increased its revenue by 12% year-over-year in the first half of 2025, which surpassed our projected 5% growth rate. This outperformance primarily stemmed from the 22.6% rise in the company's NRPT, which reflected a combination of factors, including increased reimbursement rates, favorable outcomes from independent dispute resolution (IDR) proceedings, and improved claims yield with its out-of-network payers. Consequently, CHPPR expanded its EBITDA margin by approximately 500 basis points and substantially reduced its S&P Global Ratings-adjusted debt to EBITDA to 1.7x in 2024. Looking ahead, S&P anticipates the company will maintain its positive momentum and sustain an EBITDA margin of about 20% in 2025 and beyond. S&P said, "We anticipate FOCF to debt of approximately 6% and sustained leverage of less than 2x through 2025 and 2026. The company doubled its profitability in 2024, primarily on a substantial reduction in its operating expenses, relative to its revenue, and a greater proportion of favorable IDR outcomes. Furthermore, CHPPR's enhanced ability to negotiate advantageous pricing with its in-network payers, coupled with annual contractual price increases and supportive trends in the consumer price index, contributed to higher NRPT and bolstered its overall profitability. "While we forecast the company will generate FOCF of approximately $15 million in 2025, which is down from $68 million in 2024, this reflects the planned increase in its capital expenditure (capex) to support its significant growth initiatives. Despite this anticipated decline, we expect CHPPR MidCo will sustain FOCF to debt of more than 6%, supported by its improved profitability. Given the company's lack of significant near-term debt maturities and continued EBITDA improvement, we project it will maintain leverage of less than 2x. "While we anticipate increased revenue from the transport segment, the rotorcraft and tourism divisions remain pressured. We project CHPPR will increase its core transport revenue by approximately 7% in both 2025 and 2026, supported by robust volumes, ongoing improvements in the reimbursement environment, and the stabilization of its non-emergent service volumes. Conversely, we expect softer volumes and broader economic headwinds will negatively affect the performance of the company's other two divisions." CHPPR's earnings are subject to some volatility stemming from factors such as weather patterns and competitive pressures, which can lead to reduced volumes, as demonstrated by the recent performance of its tourism segment. To mitigate these risks, management has implemented strategies, including enhanced fleet management to optimize its transport distances and the development of new operational bases. Notably, CHPPR's total capex during the first half of 2025 represented nearly 6% of its revenue, which is approximately double its historical average. S&P said, "The stable outlook reflects our expectation that CHPPR will increase its patient transport revenue by the high-single-digit percent area in 2025 and thereafter due to a sustained improvement in its NRPT and increased demand following the completion of its greenfield bases. The stable outlook also reflects our view that CHPPR will generate FOCF to debt of more than 5% on an annual basis. "We could lower the rating on CHPPR in the next 12 months if we no longer believe it will maintain S&P Global Ratings-adjusted FOCF to debt of more 5% on a sustained basis." This could occur if: -- It faces accelerated wage inflation and other elevated operating costs, including delays in the ramp up of its greenfield bases, that erode its profitability; -- Increased weather-related cancellations lead to a rise in controllable misses; -- High-than-expected tariff headwinds for a longer-than-anticipated period increase the cost of aircraft or parts from Canada; or -- The company pursues shareholder-friendly activities, such as a dividend recapitalization. Although unlikely, S&P could revise its outlook on CHPPR to positive in the next 12 months if: -- The company sustains S&P Global Ratings-adjusted FOCF to debt of well above 10%; and -- S&P believes it has sufficiently diversified its core business to reduce the volatility in its operations. CHURCHILL DOWNS: S&P Lowers ICR to 'BB-', Outlook Stable -------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Churchill Downs Inc. to 'BB-' from 'BB'. In addition, S&P lowered its issue-level ratings on Churchill Downs' secured debt by one notch to reflect the issuer credit rating downgrade. S&P said, "At the same time, we revised our recovery rating on the company's unsecured debt to '5' from '6' because we raised our enterprise valuation assumption in a hypothetical default scenario due to growth of the portfolio from recent acquisitions and development capital expenditures. As a result, we estimate a higher recovery at default for unsecured noteholders. "Therefore, we affirmed our 'B+' issue-level ratings on its unsecured debt, one notch below the issuer credit rating. The stable outlook reflects our expectation that Churchill Downs will sustain a sufficient cushion compared with our 5x leverage downgrade threshold to absorb additional growth capital expenditures, shareholder returns, or operating volatility. Our base case projects its S&P Global Ratings-adjusted debt leverage will fall to about 4.1x next year. "We lowered our ratings because we expect leverage will remain above 4x through next year. Churchill Downs' S&P Global Ratings-adjusted debt leverage remains above our 4x downgrade threshold. We forecast it will be about 4.6x this year and decline to 4.1x at the end of 2026. We previously expected its debt leverage would fall solidly below 4x this year because we assumed the elevated investment capital expenditures (capex) would conclude in 2024 and the opening of The Rose Gaming Resort, the new Terre Haute casino, and investments at the Churchill Downs racetrack would support EBITDA growth such that leverage would decline below 4x this year. "However, we now forecast its S&P Global Ratings-adjusted debt at the end of 2025 will be about $500 million higher, mostly because of material share repurchases in the second quarter and the recent $180 million Salem acquisition that closed in August. Furthermore, we expect development capex will likely remain elevated in 2026 for the development of the historical racing machine (HRM) facility in Salem and possible additional investments at the Churchill Downs Racetrack." Churchill Downs' leverage remains above its publicly stated financial policy. Churchill Downs' publicly stated financial policy is to operate with bank-calculated net leverage of 3x-4x, with a willingness to go higher for strategic investment. Following its acquisition of Peninsula Pacific Entertainment (P2E) in 2022 and elevated development capex in 2023, its leverage has remained above the company's stated financial policy. As of June 30, 2025, the company's reported bank net leverage was 4.2x. S&P said, "Our measure of debt leverage is about 0.3x higher than the bank-calculated net leverage, mostly because we do net growth capex from debt. Moreover, we expect deleveraging will likely be delayed due to higher-than-projected share repurchases; the acquisition of the Casino Salem, which may not add material EBITDA until 2027; and our expectation that Churchill Downs will continue to invest in development capex over the next few years. Before raising ratings, the company would need to build some cushion compared with our 4x upgrade threshold such it could withstand additional development spending and operating volatility. In addition, we would need to believe that Churchill Downs is committed to staying inside of its financial policy target such that our measure of leverage would not exceed 4x on a sustained basis." S&P said, "Operating performance is somewhat weaker than we projected. We revised our 2025 revenue growth to about 7% in 2025 from 15%, largely due to a slower ramp at The Rose than we previously forecasted. Churchill Downs' growth in 2025 is mostly driven by the ramp up at The Rose, the Owensboro, Ky. facility that opened in the first quarter with 600 HRMs, and the new Terre Haute casino that opened in the second quarter of 2024. "However, we only project 2% EBITDA growth in 2025, partly because we assume regional gaming segment EBITDA margins will compress due to low-single-digit percent revenue declines at many of its properties. Moreover, our measure of EBITDA only includes cash distributions received from equity-method investments. As such, lower distributions this year compared with last year from Rivers Des Plaines due to new competition in its market will likely hinder EBITDA by about $30 million compared with our prior forecast and about $25 million lower than 2024. "We forecast solid revenue and EBITDA growth for 2026. We assume revenue grows 3%-4% next year, supported by the Richmond, Va. facility expansion, which added a total 400 HRMs between May and August 2025, the new Henrico, Va. facility with 175 HRMs that opened in September 2025, the new Marshall Yards HRM annex facility in Calver City, Ky., which will likely open in the first quarter of 2026, the Finish Line suites and The Mansion renovations at the Churchill Downs racetrack, and the continued ramp of The Rose. "While we expect the wagering services segment to grow its Exacta business in states such as Kentucky, Wyoming and Virginia, we assume some headwinds to growth in New Hampshire following legislation that allows video lottery terminals (VLT). Although New Hampshire set the VLT tax rate at a higher rate than HRMs, it may still be economical for New Hampshire operators to switch from these machines to VLTs, which do not incur Exacta system fees. As such, we assume revenue in the wagering services segment will be flat compared with 2025. We project 2026 EBITDA will grow 6% and margin will improve slightly, driven by the ramp-up of newer properties, in addition to additional investments at the Churchill Downs Racetrack and benefits from the extended NBC broadcasting contract." The long-term strength of the Kentucky Derby event remains intact, and continued investments should support good cash flow. The ongoing success of the Kentucky Derby provides a key competitive advantage. Churchill Downs benefits from the uniqueness of the event, which typically draws strong and consistent attendance each year, allowing the company to command ticket price premiums. Furthermore, ticketing revenue (50%-60% of the event's total revenue) is relatively predictable. Churchill Downs' roughly 60,000 premium seats comprise the majority of this revenue stream. It sells over one-third of reserved seats through noncancellable contracts like personal seat licenses or suite contracts with staggered three- to seven-year expirations, and it sells the remainder well in advance of the event, with demand for these seats typically exceeding supply. Additionally, the event's attendance and sizable television viewership drive long-term media rights contracts and contribute to greater revenue certainty for the company. Despite a long track record of continuously holding the Derby, the COVID-19 pandemic highlighted the risk of concentration in a single event. The disruption caused by the pandemic is unlikely to reoccur at the same magnitude, but improbable events like it can still significantly destabilize cash flow. The company's expanding portfolio of properties continues to reduce its cash flow concentration in the Kentucky Derby week events. S&P said, "The stable outlook reflects our expectation that Churchill Downs will sustain a sufficient cushion compared with our 5x downgrade threshold to absorb additional growth capex, returning capital to shareholder, or operating volatility. Our base case projects the company's S&P Global Ratings-adjusted debt leverage will fall to about 4.1x next year from 4.6x this year. "We could lower our ratings on Churchill Downs if we believe it will maintain debt leverage above 5x. This could occur if the company either embarks on multiple development projects at once or shareholder returns are significantly higher than we forecast. "We could raise our ratings on Churchill Downs if we expect it to sustain S&P Global Ratings-adjusted leverage under 4x, incorporating growth capex and operating volatility. Given our forecast for leverage above 4x through 2026 and the potential for significant capex for the Churchill Downs racetrack beyond 2026, higher ratings are unlikely over the next two years." CINEMAWORLD OF FLORIDA: To Sell Melbourne Property to Liquidation ----------------------------------------------------------------- Cinemaworld of Florida Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to sell Melbourne Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 4345 West New Haven Ave., Melbourne, Florida 32904. The Debtor has personal properties including but not limited to kitchen equipment, theater seats, popcorn maker, coolers and chillers, fryers, as well as bar and lounge furniture at the location. The Debtor seeks approval of the sale of the Personal Property through consignment with Liquidation Solutions LLC t/a Vanish Auctions. The Personal Property is encumbered by a lien in favor of Northern Trust Bank. Northern Trust has consented to the consignment and sale of the Personal Property free and clear of its lien. Under the Consignment Agreement with Vanish Auctions, Vanish Auction will charge a flat commission of 50% of the sale proceeds, with the buyer being responsible for fees related to shipping of the Personal Property at the conclusion of the auction. The Debtor also seeks approval to pay Vanish Auction's commission from the sale proceeds. It is estimated that the sale of the Personal Property will generate approximately $20,000.00. Vanish Auction is a fully licensed and insured auction company with over 15 years of experience specializing in the restaurant and food service liquidation field. The Personal Property will be sold "As Is", "Where Is", without any guarantees or warranties regarding its merchantability or fitness for any particular purpose, and all such guarantees and warranties are hereby expressly disclaimed. The Debtor, through the exercise of its business judgment, has determined that the sale of the Personal Property on consignment through Vanish Auction, is in the best interests of the Debtor, its estate, and all creditors. The Debtor believes that the consignment is fair, reasonable, and is likely to garner the highest and best price for the Personal Property About Cinemaworld of Florida, Inc. Cinemaworld of Florida, Inc., doing business as The Majestic 11 and CW Lanes & Games, operates movie theaters and family entertainment centers. Cinemaworld of Florida, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17693) on July 3, 2025, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Richard N. Starr, Sr. as president. Judge Mindy A Mora presides over the case. Harley E. Riedel, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. represents the Debtor as counsel. CITY BREWING: Nuveen Credit Marks $2MM Loan at 72% Off ------------------------------------------------------ Nuveen Credit Strategies Income Fund (JQC) has marked its $2,018,309 loan extended to City Brewing Company, LLC to market at $555,035 or 28% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a FLFO Roll Up Term Loan to City Brewing Company, LLC. The loan accrues interest at a rate of 8.018% per annum. The loan matures on April 5, 2028. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, Il 60606 Telephone: (800) 257‑8787 About City Brewing Company, LLC City Brewing is a full-service beverage producer and the largest co-manufacturer in the US, with four facilities and warehousing 17 million cases. CITY BREWING: Nuveen Credit Marks $771,288 Loan at 73% Off ---------------------------------------------------------- Nuveen Credit Strategies Income Fund (JQC) has marked its $771,288 loan extended to City Brewing Company, LLC to market at $212,104 or 27% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a First Out New Money Term Loan to City Brewing Company, LLC. The loan accrues interest at a rate of 10.506% per annum. The loan matures on April 5, 2028. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, Il 60606 Telephone: (800) 257‑8787 About City Brewing Company, LLC City Brewing is a full-service beverage producer and the largest co-manufacturer in the US, with four facilities and warehousing 17 million cases. CITY BREWING: S&P Upgrades ICR to 'CCC' on Debt Restructuring ------------------------------------------------------------- S&P Global Ratings upgraded City Brewing Co. LLC's (City Brewing) issuer credit rating to 'CCC' from 'SD' (selective default). S&P said, "At the same time, we assigned our 'B-' issue-level rating to the $42.1 million exit super priority term loan, with a '1' recovery rating, indicating our expectation for very high (90% - 100%; rounded estimate 95%) recovery in the event of a payment default. We also assigned a 'CCC' issue-level rating to the $141.2 million exit takeback term loan, with a '3' recovery rating, indicating our expectation of meaningful (50%-70%; rounded estimate 55%) recovery." The developing outlook reflects the potential for a higher or lower rating depending on the company's ability to close on its ABL facility and continue to increase manufacturing volumes. City Brewing's debt refinancing, implemented on Aug. 27, 2025, extends its debt maturity profile and could ease its cash interest burden if manufacturing volumes rebound. The company's maturities on its new term loans are now extended to September 2030. Separately, the maturity of a still-to-close new ABL facility is expected to be September 2030. The restructuring improved City Brewing's liquidity because it used a portion of the new money proceeds to add cash to its balance sheet. S&P said, "At the close of transaction, we estimate the company had about $109 million in cash and cash equivalents. Its new capital structure requires minimal amortization. We expect the company's cash interest burden will decrease to around $30 million, which is close to half its prior annual cash interest. This primarily due to lower debt balances pro forma for the transaction, but also a portion of interest under its exit facilities being paid in kind (PIK) over the next two years. We believe City Brewing's improved annual cash interest and extended maturity profile will provide it some runway to undertake its turnaround strategy. Nevertheless, EBITDA interest coverage will remain weak near 1x for the remainder of fiscal 2025 as EBITIDA remains depressed and requires a significant ramp up in manufacturing volumes (at least 10% of incremental volumes) for EBITDA to rebound to levels that support interest coverage approaching 1.5x. Although our base expectation is for EBITDA interest coverage to approach 1.5x and fund from operations (FFO) cash interest coverage higher than 1.5x in fiscal 2026, we believe there is significant downside risk to this forecast given the need to invest in manufacturing to deliver those volumes." S&P said, "We assume City Brewing will generate negative free operating cash flow (FOCF) over the next 12-24 months, while facing continued material lease amortization requirements. The group's liquidity position pro forma for the transaction, includes about $109 million in cash and cash equivalents on the balance sheet. This should sufficiently support its operations at over the next few months and enable the group to execute on needed capital expenditure (capex). Still, we expect City Brewing will continue to generate FOCF deficits for at least the next two years as it invests in deferred maintenance and other capex requirements to its manufacturing lines. Moreover, liquidity is pressured because the company has finance lease maturities of around $21 million a year throughout the forecast period which will reduce its current cash balances absent a more material rebound than we are forecasting and the completion of its still-to-be completed ABL financing. "The company must diversify its product mix and grow volumes with its remaining customers to restore EBITDA to more sustainable levels. We project City Brewing's revenues to decline more than 20% for fiscal-year 2025 after modestly growing close to 4% in fiscal 2024. This can primarily be attributed to the separation from Blue Ribbon and the loss of its contracted volumes, but also due to generally weaker-than-expected demand. Industry-wide soft demand for hard seltzer and beer, which the company is overly indexed to, is partly due to the uncertain macroeconomic environment, but also a more conscious consumer whose preferences are consistently changing. The company has made positive strides in diversifying their product base and winning new business, but it remains to be seen if this can fill the void left by Blue Ribbon. Moreover, the company's success is heavily dependent growing manufacturing volumes of recently onboarded brands that have not yet demonstrated a track record of consistent volume performance for City Brewing." The developing outlook reflects the potential for either a higher or lower rating in the coming quarters depending on whether the company can secure committed ABL financing and continue to improve operating performance. S&P could lower its ratings on City Brewery over the next 12 months if it doesn't close on the proposed ABL and S&P envisions a default scenario within six months. This could occur if: -- The company experiences material customer losses that leads to significant volume declines; or -- Demand for its underperforming alcohol beverage categories remains depressed preventing a more meaningful rebound in manufacturing volumes from its planned mix shift to faster growing categories. S&P could raise City Brewery's issuer credit rating to 'CCC+' if: -- It closes on its proposed ABL facility; and -- S&P continues to forecast sustained EBITDA cash interest coverage improving above 1x; -- If S&P upgrades City Brewing in response to the closing of its proposed ABL facility it would review its recovery ratings on its exit term loans, which would likely result in a revised recovery rating to '4' on the company's $141 million senior secured exit term loan. COALINGA, CA WATER: S&P Affirms 'BB+' Revenue Bonds Rating ---------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' rating on Coalinga Public Finance Authority, Calif.'s outstanding bonds issued for the city of Coalinga's water and sewer enterprises. The outlook is stable. S&P said, "In our opinion, environmental physical risks are negative within our credit rating analysis. In average or wet water years, the city is typically long on water and has historically been able to sell about one-third of its allocation on the wholesale market. However, as drought conditions become more frequent and severe, we believe the city will face expense pressures that could constrain its financial performance. "We consider this a key risk because in dire drought conditions, the city's CVP allocation, which is supervised by the USBR, is significantly reduced, resulting in insufficient water supply to meet demand. In water year 2022, which was one of the driest on record, the city received only 3,077 AF from the CVP, and needed to purchase an additional 600 AF to meet health and safety levels, at a substantially higher cost (open market water is about 13x the cost of typical, low-cost CVP water, which is around $190 per AF). The supplemental purchase ultimately cost $1.1 million; however, the water fund had only $562,000 of unrestricted reserves at the time of purchase, which alone was insufficient to fund the cost of market-priced water. The city secured a one-time grant from DWR, which covered the purchase cost the plus administrative fees. However, for long-term water supply reliability, we believe the city may need to add supply sources, which could be significantly more costly and potentially cost-prohibitive without additional state funding. Social capital risks are moderately negative within our credit rating analysis, given the city's below-average income indicators and high county poverty rate. Governance risks are moderately negative within our credit rating analysis, given the history of delayed audits and volatile financial metrics. Financial reporting is less transparent than that of its rated peers, as non-cash items and the timing of wholesale water purchases and sales can distort audited financial results. Therefore, we typically rely on information in the city's continuing disclosure rather than the audit to compile our calculations. We note that unaudited fiscal 2025 financial statements are not available despite the June 30 fiscal year-end. "The stable outlook reflects our believe that the water system's improved cash position and access to stored (or banked) water mitigates downside risk during the two-year outlook period. "We could lower the rating under multiple scenarios, including if drought mitigation efforts require significant capital spending to meet the city's water supply diversification targets, or if the city council elects not to raise rates sufficiently to cover these costs, or a combination of the above. If the cost of supplemental water or reduced wholesale sales results in deterioration of the water fund's already weak unrestricted liquidity position and historically volatile all-in coverage, it would also negatively pressure the rating. "We could consider raising the rating back to investment grade if the city's meter replacement projects and solar installation significantly reduce operating costs, bolstering operating margins substantially, and we believe the city's drought strategies eliminate the potential need to procure additional high-priced water to meet demand. An investment grade rating would likely also require more codified practices around financial management, rate-setting, and capital planning." COCOS MARISCOS: Seeks Subchapter V Bankruptcy in Washington ----------------------------------------------------------- On October 9, 2025, Cocos Mariscos & Bar Inc. sought Chapter 11 bankruptcy protection in the Western District of Washington. The restaurant reported total liabilities estimated between $100,001 and $1 million. In its bankruptcy petition, COCOS MARISCOS & BAR, INC. indicated it owes debts to as many as 49 creditors. About Cocos Mariscos & Bar Inc. Cocos Mariscos & Bar Inc. is a dining establishment specializing in Mexican cuisine and seafood dishes. Cocos Mariscos & Bar Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12833) on October 9, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Christopher M. Alston handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq. of Neeleman Law Group, P.C. COLORART LLC: Lender Seeks Receivership Over $26MM Unpaid Debt -------------------------------------------------------------- Jacob Kirn of St. Louis Business Journal reports that a Eureka-based printing company finds itself in hot water as a Chicago lender takes legal action over a substantial debt. The lawsuit unveils a complex web of financial allegations, according to the report. Lender Aequum Capital has filed a lawsuit seeking receivership over ColorArt LLC, a printer, alleging the company owes $26 million and has misused funds. The complaint accuses ColorArt of overstating the value of collateral and diverting money to pay insiders and satisfy other debts. The lawsuit calls for a federal court to appoint a receiver to take control of the printing operations to protect the lender's interests, the report states. About ColorArt LLC ColorArt LLC is a Eureka-based printing company. COMPREHENSIVE HEALTHCARE: Seeks Cash Collateral Access ------------------------------------------------------ Comprehensive Healthcare Management Services, LLC asks the U.S. Bankruptcy Court for the Middle District of Pennsylvania for authority to use cash collateral and provide adequate protection. The Debtor operates a large skilled nursing facility with approximately 600 beds and employs about 250 individuals. Its assets include roughly $17.2 million in accounts receivable, $3.6 million in equipment, and about $500,000 in cash, with no inventory value. The U.S. Department of Housing and Urban Development holds a first priority lien on nearly all of the Debtor's personal property, tied to a loan of approximately $54 million. Twomagnets LLC, doing business as Clipboard Health, is believed to hold a second priority lien on up to $2 million in accounts receivable and cash. The Debtor emphasizes its immediate need to use cash collateral to pay payroll, utilities, insurance, and other essential operating expenses, as detailed in a 30-day cash flow budget. It asserts that continued operations are critical not only to preserve its business but also to avoid significant harm to its estate, patients, and creditors. The Debtor proposes providing adequate protection to HUD and Twomagnets by granting them replacement liens on post-petition collateral to the extent of any diminution in value of their pre-petition collateral. If replacement liens are insufficient, the Lenders would receive administrative claims with priority over all other administrative expenses except those for court-approved professionals and the U.S. Trustee's office. A court hearing is scheduled for October 21. About Comprehensive Healthcare Management Services Comprehensive Healthcare Management Services, LLC doing business as Brighton Rehabilitation & Wellness Center, operates a long-term care and skilled nursing facility in Beaver, Pennsylvania. It provides rehabilitation, therapy, and sub-acute services, including physical, occupational, and speech therapy, along with nursing and supportive care for residents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02775) on September 29, 2025, listing up to $50,000 in assets and between $50 million and $100 million in liabilities. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C., represents the Debtor as legal counsel. CONTEMPORARY MEDICAL: Case Summary & 12 Unsecured Creditors ----------------------------------------------------------- Debtor: Contemporary Medical Services, PC 265 Main Street Islip, NY 11751 Business Description: Contemporary Medical Services, PC provides obstetrics and gynecology services at its main office in Islip, New York, and maintains additional locations in Brentwood and Sayville, serving patients across the region. Chapter 11 Petition Date: October 8, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-73888 Judge: Hon. Sheryl P Giugliano Debtor's Counsel: Joseph S. Maniscalco, Esq. LAMONICA HERBST & MANISCALCO, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Tel: 516-826-6500 Email: jsm@lhmlawfirm.com Total Assets: $986,680 Total Liabilities: $3,884,615 The petition was signed by Cleadous Murphy as president. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5572A6I/Contemporary_Medical_Services__nyebke-25-73888__0001.0.pdf?mcid=tGE4TAMA COORSTEK INC: Moody's Assigns 'B1' CFR, Outlook Stable ------------------------------------------------------ Moody's Ratings assigned a B1 corporate family rating and B1-PD probability of default rating to CoorsTek, Inc. Concurrently, Moody's assigned B1 ratings to the company's new $750 million senior secured first lien term loan and $500 million senior secured first lien revolving credit facility. The outlook is stable. RATINGS RATIONALE The B1 CFR is constrained by the company's appetite for debt-funded dividends. At closing, the company will pay out a special one-time dividend of $50 million, which will raise Moody's adjusted debt/EBITDA to 4.2x. In addition to the special dividend, CoorsTek has been distributing material amounts to shareholders on a quarterly basis. Other credit challenges facing CoorsTek include the company's large exposure to the cyclical semiconductor sector. Although the semiconductor market offers attractive margins and potentially long-term growth opportunities, Moody's notes that recent choppiness in the sector has contributed to CoorsTek's flattish top-line in recent years. The B1 CFR is supported by CoorsTek's strong position in the technical ceramics industry and its exceptionally long operating history under the leadership and ownership of members of the Coors family. In addition, Moody's views CoorsTek's recent expansion and strong market position across numerous end markets as credit positives. CoorsTek has expanded its footprint considerably in recent years and the garners solid market positions globally across its four key end markets. Further supporting the rating is the nature of the company's products – nearly all are customized and engineered to meet the precise specifications of clients, resulting in a credit enhancing recurring revenue stream of more than 90%. The stable outlook reflects CoorsTek's resilient operating model, manageable debt load, diverse end markets, and its highly recurring revenue base. Moody's expects the company to maintain adequate liquidity over the next 12-18 months. Although the revolver will be nearly halfway drawn at close, there is still ample availability given the revolver's large size in relation to the company's revenues. In addition, liquidity will be supported by roughly $50 million in cash. The company's Credit Impact Score is CIS-3, which indicates the company's ESG attributes do not have an overall impact on the ratings. However, there is potential for future negative impact over a multiyear period. With respect to governance risk, the potential for large debt-funded dividends is somewhat mitigated by the company's family ownership and its preference to operate the business with moderate financial leverage. The company faces environmental and social risks that are typical across the industrial manufacturing sector. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if CoorsTek achieves increased scale, consistently positive free cash flow, adjusted debt/EBITDA sustained below 4x, or EBITA/interest expense above 2.5x. The ratings could be downgraded if adjusted debt/EBITDA is sustained above 5x, EBITA/interest expense approaches 1.5x, or CoorsTek is unable to generate positive free cash flow. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $230 million and 100% of consolidated EBITDA, plus unlimited amounts subject to the greater of 4.25x first lien net leverage ratio and leverage neutral incurrence. There is an inside maturity sublimit up to the greater of $230 million and 100% of consolidated EBITDA. The credit agreement is expected to include "J. Crew", "Chewy", and "Serta" provisions. CoorsTek, Inc. designs and manufactures technical ceramics. The company develops a vast array of specialized, highly customized, and durable ceramic components that are used in a variety of products such as body armor, car sensors and hip components. In addition, technical ceramics have special applications in the semiconductor manufacturing process. Founded in 1910, CoorsTek is owned and operated by the fifth generation of the Coors family. Revenue for the twelve months ended June 30, 2025 was approximately $1.1 billion. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COSMOS HEALTH: All Proposals Approved at 2025 Annual Meeting ------------------------------------------------------------ Cosmos Health Inc. held its 2025 Annual Meeting of Stockholders. Of the 30,127,379 shares of common stock of the Company outstanding on the record date, 15,983,371 shares were present at the Annual Meeting in person or by proxy, representing approximately 53% of the total outstanding shares eligible to vote. All proposals passed, and the directors recommended by the Company were elected. The final results for each of the matters submitted to a vote of stockholders at the Annual Meeting are as follows: 1. Grigorios Siokas * Votes For: 13,799,035 * Votes Withheld: 2,184,336 2. Demetrios G. Demetriades * Votes For: 12,216,173 * Votes Withheld: 3,767,198 3. John J. Hoidas * Votes For: 12,220,515 * Votes Withheld: 3,762,856 4. Dr. Anastasios Aslidis * Votes For: 12,038,933 * Votes Withheld: 3,944,438 5. Suhel Bhutawala * Votes For: 12,037,608 * Votes Withheld: 3,945,763 6. Theodoros C. Karkantzos * Votes For: 12,035,428 * Votes Withheld: 3,947,943 Proposal 2 – Authorization of the Board of Directors to Amend the Company's Amended and Restated Articles of Incorporation to Effect a Reverse Stock Split of the Company's Outstanding Common Stock at their Discretion * Votes For: 13,898,821 * Votes Against: 2,084,235 * Abstain: 315 Proposal 3 – Approval of the Issuance of Shares of Common Stock Issuable Upon Conversion of the Notes in Compliance with Nasdaq Listing Rule 5635(d) * Votes For: 13,961,150 * Votes Against: 2,022,033 * Abstain: 188 Proposal 4 – The Ratification of the Appointment of the Company's Independent Registered Public Accounting Firm * Votes For: 14,040,370 * Votes Against: 1,939,314 * Abstain: 3,687 Proposal 5 – Approval of Company's 2025 Equity Omnibus Plan * Votes For: 13,982,769 * Votes Against: 1,951,983 * Abstain: 48,619 Proposal 6 – Non-Binding Advisory on "Say on Pay" Vote * Votes For: 13,867,716 * Votes Against: 1,968,122 * Abstain: 147,533 Proposal 7 – Non-Binding Advisory on the Frequency of the Future "Say on Pay" Votes * One Year: 2,658,606 * Two Years: 51,510 * Three Years: 3,082,602 * Abstain: 190,653 Proposal 8 – Approval Of The Amendment To The Company's Articles Of Incorporation To Increase The Number Of Authorized Shares Of Capital Stock Of The Company To 1,500,000,000 Shares Of Common Stock And 300,000,000 Shares Of "Blank Check" Preferred Stock * Votes For: 13,802,295 * Votes Against: 2,176,907 * Abstain: 4,169 The full text of the Amendment to the Articles of Incorporation is available at https://tinyurl.com/yc25s3k7 About Cosmos Health Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories S.A., which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. As of Dec. 31, 2024, Cosmos Health had $54,311,892 in total assets, $29,778,963 in total liabilities, and a total stockholders' equity of $24,532,929. New York, N.Y.-based RBSM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. COUNTRY GARDEN: Chapter 15 Case Summary --------------------------------------- Chapter 15 Debtor: Country Garden Holdings Company Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-111 Cayman Islands Case No.: 25-12175 Business Description: Country Garden Holdings Co. Ltd. is a holding company that has issued, borrowed, or guaranteed secured and unsecured debt as part of a restructuring scheme. It serves as the ultimate parent of the Country Garden Group, a major property developer in Hong Kong and mainland China engaged in property development, construction, interior decoration, and property investment. The group also develops, operates, and manages hotels across its markets. Chapter 15 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Philip Bentley Foreign Proceeding: Proceeding in Hong Kong entitled In the Matter of Country Garden Holdings Company Limited (Case Number HCMP 1366 / 2025) Foreign Representative: Fong Ching Lam 11 Duddell Street, Suite 1702 Hong Kong Central Hong Kong Foreign Representative's Counsel: Christopher J. Hunker, Esq. LINKLATERS LLP 1290 Avenue of the Americas New York NY 10104 Tel: (212) 903-9267 Email: christopher.hunker@linklaters.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free at PacerMonitor at: https://www.pacermonitor.com/view/AUOQ2NQ/Country_Garden_Holdings_Company__nysbke-25-12175__0001.0.pdf?mcid=tGE4TAMA CREATIVE LIVING: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------- On October 9, 2025, Creative Living Properties LLC initiated a voluntary Chapter 11 bankruptcy proceeding in the U.S. Bankruptcy Court for the Northern District of Georgia. The filing indicates that the company holds between $1 million and $10 million in liabilities. The debtor also disclosed that it has between 1 and 49 creditors. About Creative Living Properties LLC Creative Living Properties LLC is a single asset real estate company. Creative Living Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41573) on October 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Scott B. Riddle, Esq., of Law Office of Scott B. Riddle, LLC. CRUZ TEC: Jarrod Martin Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 7 appointed Jarrod Martin, Esq., a practicing attorney in Houston, as Subchapter V trustee for Cruz Tec, Inc. Mr. Martin will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Martin declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jarrod B. Martin, Esq. 1200 Smith Street, Suite 1400 Houston, TX 77002 Phone: 713-356-1280 Email: JBM.Trustee@chamberlainlaw.com About Cruz Tec Inc. Cruz Tec Inc., founded in 2001 and headquartered in Houston, Texas, is a trenchless utility contractor that provides engineering solutions including cured-in-place pipe (CIPP), pipe bursting, manhole rehabilitation, and protective coatings. The Company operates as a self-performing turnkey firm serving municipalities and utilities across Texas and the United States, with projects ranging in scale from small contracts to multimillion-dollar upgrades. Its work includes compliance-driven infrastructure rehabilitation, such as projects for the San Antonio Water System under a federal consent decree to repair and modernize sewer systems. Cruz Tec sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35537) on September 19, 2025. In its petition, the Debtor reports total assets of $2,392,423 and total debts of $3,174,040. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Robert C Lane, Esq., at The Lane Law Firm. CUBE INTERMEDIATE: S&P Rates $647MM First-Lien Term Loan 'B' ------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Cube Intermediate 2 LLC's (CIRCOR) proposed repriced $647 million first-lien term loan due 2031. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. The term loan will be issued at the company's subsidiaries, Cube A&D Buyer Inc. and Cube Industrials Buyer Inc. S&P expects the transaction, if completed as proposed, will reduce CIRCOR's cost of debt by at least 25 basis points (bps) from SOFR+325 bps and provide it with interest cost savings of at least $2 million annually. S&P said, "All our existing ratings on CIRCOR, including our 'B' issuer credit rating and 'B' issue-level and '3' recovery rating on its revolving credit facility, are unchanged. "The stable outlook reflects our expectation that the company will continue to capture tailwinds from increased defense spending and realize modest growth in the industrial markets from sales into new customer platforms and aftermarket sales, enabling it to operate with S&P Global Ratings-adjusted debt to EBITDA in the 5.5x-6.5x range over the next 12 months." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario assumes a prolonged economic downturn that depresses the industrial and aerospace markets. -- S&P believes that, following a payment default, the company would likely be reorganized rather than liquidated because of its good market positions and manufacturing capabilities. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA multiple: 5.0x -- EBITDA at emergence: $88 million -- Jurisdiction: U.S. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $419 million -- Valuation split (obligors/nonobligors): 50%/50% -- Total value available to first-lien debt claims: $419 million -- First-lien debt claims: $746 million --Recovery expectations: 50%-70% (rounded estimate: 55%) Note: Debt amounts include six months of accrued interest that we assume will be owed at default. Collateral value includes asset pledges from obligors (after priority claims) plus equity pledges in nonobligors. We generally assume usage of 85% for cash flow revolvers at default. CUBIC CORP: Nuveen Credit Marks $939,000 Loan at 26% Off -------------------------------------------------------- Nuveen Credit Strategies Income Fund (JQC) has marked its $939,000 loan extended to Cubic Corp. to market at $694,038 or 74% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a CME Term Loan to Cubic Corp. The loan accrues interest at a rate of 8.57% per annum. The loan matures on May 1, 2029. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, IL 60606 Telephone: (800) 257‑8787 About Cubic Corp. Cubic Corporation is an American multinational defense and public transportation equipment manufacturer. CYTTA CORP: Reports Q2 Net Income of $6.22M ------------------------------------------- Cytta Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $6.22 million for the three months ended March 31, 2025, compared to a net loss of $988,541 for the three months ended March 31, 2024. Revenue for the three months ended March 31, 2025, was $1,249, compared to no revenue for the same period in 2024. For the six months ended March 31, 2025, the Company reported a net income of $5.5 million, compared to a net loss of $2.05 million for the same period in 2024. Revenue for the six months ended March 31, 2025, was $2,498, compared to a revenue of $2,411 for the same period in 2024. As of March 31, 2025, the Company had $7.53 million in total assets, $1.35 million in total current liabilities and total liabilities, and $6.17 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2trzpwfr About Cytta Corp Cytta Corp., headquartered in Las Vegas, Nevada, is focused on developing and marketing advanced streaming and integrated communication products, using technology based upon the SUPR (Superior Utilization of Processing Resources) video compression codec/algorithm and its IGAN (Incident Global Area Network) incident command proprietary software solutions. Cytta currently develops, markets, and distributes proprietary video streaming products and services that improve how video is streamed, consumed, transferred, and stored in enterprise environments. Hackensack, New Jersey-based Prager Metis CPAs, LLC, the Company's former auditor, issued a "going concern" qualification in its report dated Jan. 14, 2025. The report cited that, as of Sept. 30, 2024, the Company had an accumulated deficit of $36,867,892 and has generated losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The Company incurred a net loss of $4.26 million for the year ended Sept. 30, 2024, following a net loss of $4.73 million for the year ended Sept. 30, 2023. CYXTERA DC: Nuveen Credit Virtually Writes Off $581,141 Loan ------------------------------------------------------------ Nuveen Credit Strategies Income Fund (JQC) has marked its $581,141 loan extended to Cyxtera DC Holdings, Inc. to market at $3,196 or 1% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a Term Loan B to Cyxtera DC Holdings, Inc. The loan accrues interest at a rate of zero percent per annum. The loan matures on May 1, 2026. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, IL 60606 Telephone: (800) 257‑8787 About Cyxtera DC Holdings, Inc. Cyxtera DC Holdings, Inc., also known as Cyxtera Technologies Inc., is a company that provides data center solutions and was formerly named Colorado Buyer. DALRADA FINANCIAL: Reports $24.67 Million Net Loss for FY2025 ------------------------------------------------------------- Dalrada Financial Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended June 30, 2025, reporting a net loss of $24.67 million and $29.19 million for the years ended June 30, 2025 and 2024, respectively. Revenue for the years ended June 30, 2025 and 2024, were $18.62 million and $18.12 million, respectively. As of June 30, 2025, and 2024, the Company had negative working capital of $8.30 million and $7.09 million, respectively. San Diego, California-based CM3 Advisory, the Company's auditor since 2024, issued a "going concern" qualification in its report dated September 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. Although the Company continues to rely on equity and debt investors to finance its losses, it is implementing plans to achieve cost savings and other strategic objectives to address Company profitability. In addition to raising debt and equity financing, the Company continues to focus on growing the subsidiaries anticipated to be most profitable while reducing investments in areas that are not expected to have long-term benefits. The Company will continue to pursue synergistic opportunities to enhance its business portfolio. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mt35x48t About Dalrada Dalrada Financial Corporation accelerates change for current and future generations by harnessing true potential and developing products and services that become transformative innovations. It five business divisions: Genefic, Dalrada Climate Technology, Dalrada Precision Manufacturing, Dalrada Technologies, and Dalrada Corporate. Within each of these divisions, the Company drives transformative innovation while creating solutions that are sustainable, accessible, and affordable. Dalrada's global solutions directly address climate change, gaps in the health care industry, and technology needs that facilitate a new era of human behavior and interaction and ensure a bright future for the world around us. As of June 30, 2025, the Company had $18.36 million in total assets, $25.05 million in total liabilities, and $6.69 million in total stockholders' deficit. DATAVAULT INC: Closes $12 Million Convertible Note Offering ----------------------------------------------------------- As previously disclosed, on August 4, 2025, Datavault AI Inc. entered into a Securities Purchase Agreement with certain institutional investors, pursuant to which the investors agreed to purchase from the Company in a registered direct offering, senior secured convertible notes having an aggregate principal amount of $6,666,666 for an aggregate purchase price of $6,000,000 and senior secured convertible notes having an aggregate principal amount of $6,666,666 for an aggregate purchase price of $6,000,000 upon satisfaction of certain closing conditions applicable to the Initial Notes and Additional Notes, respectively. The closing of Initial Notes occurred on August 6, 2025. The Notes and Conversion Shares (as defined herein) were offered by the Company pursuant to a registration statement on Form S-3 (File No. 333-288538), which was initially filed with the Securities and Exchange Commission on July 7, 2025, and was declared effective by the Commission on July 9, 2025, the prospectus contained therein and a prospectus supplement relating to the Offering dated August 4, 2025. Additional Closing: The closing of the Additional Notes occurred, and the Additional Notes were issued, on September 30, 2025. Obligations Under the Purchase Agreement: Pursuant to the Purchase Agreement, the Company agreed, subject to certain exceptions: (i) not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of shares of Common Stock or securities convertible into shares of Common Stock until 45 days after the date of each Closing, and (ii) not to issue certain securities if the issuance would constitute a Variable Rate Transaction (as such term is defined in the Purchase Agreement) until no Purchasers holds any Notes. Pursuant to the Purchase Agreement, until the date that is 18 months after the date on which the Notes are no longer outstanding, the Purchasers have the right, but not the obligation, to participate in any issuance by the Company of any debt, preferred stock, shares of Common Stock or securities convertible into shares of Common Stock up to a maximum of 65% of such Subsequent Financing on the same terms, conditions and price provided to other investors in such Subsequent Financing. Notes: The Notes carry a 10% original issue discount and mature 18 months from the date of issuance. No interest accrues during the term of the Notes, unless an event of default occurs, in which case interest will accrue at a rate of 12% per annum. The obligations under these Notes rank senior to all other existing indebtedness and equity of the Company. The Notes are convertible at any time at the option of the holders thereof, in whole or in part, into such number of shares of Common Stock at an initial conversion price equal to $1.00 per share. Alternatively, the Notes are convertible at the holder's election, at a price equal to the greater of (x) the Floor Price and (y) 80% of the lowest volume weighted adjusted price of the shares of Common Stock in the 20 trading days prior to the applicable conversion date. The conversion price of the Notes is subject to a floor price of $0.1019. In the event the Alternate Conversion Price would be lower than the Floor Price, the Company is required to compensate the holders of the Notes by paying the holders in cash an amount equal to the product obtained by multiplying (A) the VWAP on the day the holder delivers the applicable conversion notice and (B) the difference obtained by subtracting (I) the number of shares of Common Stock delivered (or to be delivered) to the holder on the applicable share delivery date with respect to such Alternate Conversion from (II) the quotient obtained by dividing (x) the applicable conversion amount that the holder has elected to be the subject of the applicable Alternate Conversion, by (y) the applicable Alternate Conversion Price without being limited by the Floor Price. Under the Notes, the Company is required to use up to 20% of the proceeds from future financings to redeem the Notes in an amount equal to the aggregate principal amount of the Notes being redeemed from such proceeds multiplied by 105%. The Notes contain 4.99/9.99% beneficial ownership limitations and customary provisions regarding events of defaults and negative covenants. The Notes are secured by all of the assets of the Company pursuant to a security agreement, and guaranteed by a subsidiary of the Company pursuant to a subsidiary guarantee, both of which were entered into on August 6, 2025. About Datavault AI Datavault AI Inc., headquartered in Beaverton, Oregon, develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of June 30, 2025, the Company had $120.69 million in total assets, $46.62 million in total liabilities, and $74.07 million in total stockholders' equity. Cash and cash equivalents as of June 30, 2025 were $0.7 million compared to $3.3 million, as of Dec. 31, 2024. The Company recorded a net loss of $37.1 million and $46.7 million for the three and six months ended June 30, 2025 and used net cash in operating activities of $12.8 million for the six months ended June 30, 2025 vs $9.0 million for the six months ended June 30, 2024. Excluding non-cash adjustments, the primary reasons for the increase in the use of net cash from operating activities during the six months ended June 30, 2025, was related to an increase in the net loss. DBA INVESTMENTS: Seeks Chapter 7 Bankruptcy in Louisiana -------------------------------------------------------- DBA Investments LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Louisiana on October 10, 2025. According to the filing, the company listed liabilities in the range of $0 to $100,000. DBA Investments, LLC reported having between 1 and 49 creditors. About DBA Investments LLC DBA Investments LLC is a limited liability company. DBA Investments LLCsought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10929) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Michael A. Crawford handles the case. The Debtor is represented by Barbara B. Parsons of The Steffes Firm, LLC. DECKER & WILLIAMS: Section 341(a) Meeting of Creditors on Oct. 24 ----------------------------------------------------------------- On October 2, 2025, Decker & Williams LLC filed Chapter 11 protection in the Eastern District of Washington. According to court filing, the Debtor reports $18,055,382 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 24, 2025 at 12:00 PM via UST's 341 ATT Telephone Line 1-888-330-1716 Access Code 6318055. About Decker & Williams LLC Decker & Williams LLC is a Mukilteo, Washington-based real estate company that owns a single property at 202 Lincoln Ave., valued at approximately $1.6 million. Decker & Williams LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-01750) on October 2, 2025. In its petition, the Debtor reports total assets of $1,838,494 and total liabilities of $18,055,382. The Debtor is represented by Lesley D. Bohleber, Esq., of BUSH KORNFELD LLP. DIOCESE OF BUFFALO: DOB Entities' Cash Contribution to Fund Plan ---------------------------------------------------------------- The Diocese of Buffalo, N.Y., submitted a Disclosure Statement in support of Joint Plan of Reorganization dated October 1, 2025. The Diocese is a not-for-profit corporation under New York law. There are four primary sources of income used by the Diocese to support its operations: (i) the Fund for the Faith; (ii) contributions and bequests; (iii) Diocesan assessments; and (iv) assets released from restriction. Survivors of Abuse are the focal point of the Plan. The tragedy of the Abuse that was inflicted in the past by individuals purporting to do the missionary work of the Roman Catholic Church is impossible to overstate. Instead of fulfilling this mission, such perpetrators inflicted harm and suffering. The Abuse is inexcusable. It not only deeply impacted the survivors, but it also affected the faithful and the community that the Diocese serves. The provides for payment in full of all Administrative Claims, Priority Tax Claims, Non-Tax Priority Claims, Professional Fee Claims, and U.S. Trustee Fee Claims, leaves unimpaired any Allowed Secured Claims or Pass-Through Claims, provides for deferred payments equal to the full Allowed amount of any General Unsecured Claims, and establishes the Abuse Claims Settlement Fund to be held by the Trust to compensate holders of Abuse Claims. Inbound Contribution Claims against the Diocese are disallowed and extinguished pursuant to the Plan. The Plan's treatment of Abuse Claims represents the culmination of more than five years of negotiation between the Diocese and the Committee in its capacity as an advocate on behalf of all Abuse Claimants and has been approved by the Committee in consultation with attorneys ("State Court Counsel") who collectively represent an overwhelming majority of Abuse Claimants who have asserted Abuse Claims against the Diocese. The Plan provides that funding for the Trust and the Abuse Claims Settlement Fund will be provided from, among other potential sources of recovery, a monetary contribution by the Diocese and other Participating Parties in the aggregate amount of $150,000,000 (the "DOB Entities' Cash Contribution"), which may include up to $25,000,000 to be evidenced by the DOB Trust Note. The Plan also provides for other potential sources of funding for the Abuse Claims Settlement Fund. As of the date of this Disclosure Statement, the Diocese, and the Committee have agreed to accept the following Settling Insurer payments: (i) $37.5 million as a settlement payment from Wausau; (ii) $85 million as a settlement payment from CNA; and $1.4 million as a settlement payment from AIG. If the conditions set forth in the Plan are met and the Plan Proponents reach an Insurance Settlement Agreement or other terms of settlement with respect to Insurance Claims against Non-Settling Insurers prior to commencement of the confirmation hearing for the Plan, the Plan provides that such Non-Settling Insurers may become Settling Insurers and for settlement proceeds resulting therefrom to be used to further supplement the Abuse Claims Settlement Fund. The contribution by the Diocese and each of the Participating Parties that would receive a release under the Plan was reached as the result of extensive negotiations regarding, among other things, the extent of liability faced by each entity, the ability of each entity to pay, and insurance coverage available for the types of Claims being satisfied by the Trust. In exchange for the contributions to the Trust, (a) the Diocese, (b) the Parishes, (c) the Schools, (d) Other Catholic Organizations, and (e) the Settling Insurers (collectively, the "Protected Parties") shall receive certain releases, exculpation, and injunctions, all as more specifically set forth in this Disclosure Statement and the Plan. In this case, the Diocese has prepared cash flow projections demonstrating that the Diocese, together with the Participating Parties, will be able to fund the DOB Entities' Cash Contribution, that the Diocese will be able to meet their other respective obligations under the Plan, and that the Diocese will have sufficient resources to support ongoing ministries and operations. The cash flow projections demonstrate that the Diocese will be able to fund the Plan on the Effective Date and that the Diocese will be able to make all payments required pursuant to the Plan so that no further financial restructuring will be necessary. Class 5 Claims include all General Unsecured Claims. Except to the extent the holder of an Allowed General Unsecured Claim agrees in writing to accept less favorable treatment as proposed by the Diocese, the Diocese shall pay each holder of an Allowed General Unsecured Claim, Cash in two installments each equal to 50% of the Allowed amount of such General Unsecured Claim with the first payment to occur on, or as soon as reasonably practicable after the later of (a) the Effective Date, and (b) the date on which such General Unsecured Claim becomes an Allowed General Unsecured Claim, and the second payment to occur on, or as soon as reasonably practicable after the date that is six months after the date of the first payment. The payments shall be in full satisfaction, settlement, and release of, and in exchange for, such Allowed General Unsecured Claim. Notwithstanding anything to the contrary, no payments shall be made to any Protected Party on account of any General Unsecured Claim and all Protected Parties shall be deemed to have withdrawn any General Unsecured Claim with prejudice as of the Effective Date in consideration of the Channeling Injunction and Release provisions provided in Article 12 of the Plan. The Trust shall not be responsible for payment of General Unsecured Claims. Class 5 General Unsecured Claims are Impaired. Class 6 Abuse Claims will be assessed and paid in accordance with the Allocation Protocol, which is designed to provide an expeditious, efficient, and inexpensive method for determining whether an Abuse Claimant is entitled to a Distribution from the Trust. The Diocese and the Participating Parties shall reasonably cooperate with the Abuse Claims Reviewer and the Trustee in connection with any inquiries by either related to the administration of the Allocation Protocol, but shall not be required to act in any way that prevents the satisfaction of any Post- Effective Date Preconditions to Coverage under any Non Settling Insurer Policy, if any (including, if applicable, by cooperating with a Non-Settling Insurer). Under no circumstance shall the Abuse Claims Reviewer's review of an Abuse Claim or a Distribution to an Abuse Claimant have any effect on the rights, defenses, or obligations of any Non-Settling Insurer. All Administrative Claims, Priority Tax Claims, Non-Tax Priority Claims, Secured Claims, General Unsecured Claims, and Pass-Through Claims will be paid by the Diocese. All Distributions to be made under the Plan on account of Abuse Claims will be paid solely from the Trust to be established for the purpose of receiving, liquidating, and distributing Trust Assets in accordance with the Plan, the Allocation Protocol, and the Trust Agreement. On the Confirmation Date, or as soon as practicable thereafter, the Trust shall be established in accordance with the Trust Documents for the exclusive benefit of the holders of Abuse Claims. The Trust will assume all liability for and rights concerning all Channeled Claims, including the rights to settle the Channeled Claims. The Trust will control the allocation and Distribution of the Abuse Claims Settlement Funds to Abuse Claimants pursuant to the terms of the Allocation Protocol, the Trust Agreement, the Plan, and the Confirmation Order. The Trustee shall establish and maintain a reserve for Trust Expenses, which shall be paid pursuant to the terms of the Trust Agreement. A full-text copy of the Disclosure Statement dated October 1, 2025 is available at https://urlcurt.com/u?l=mQMA0E from Stretto, claims agent. Counsel to the Debtor: BOND, SCHOENECK & KING, PLLC Stephen A. Donato, Esq. Charles J. Sullivan, Esq. Grayson T. Walter, Esq. Sara C. Temes, Esq. One Lincoln Center Syracuse, New York 13202-1355 Telephone: (315) 218-8000 Email: donatos@bsk.com sullivc@bsk.com walterg@bsk.com stemes@bsk.com About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DOOR COUNTY: Loses Bid to Reinstate Exclusivity Period ------------------------------------------------------ Judge Beth E. Hanan of the United States Bankruptcy Court for the Eastern District of Wisconsin denied Door Co. Environmental Energy LLC's request to reinstate its exclusivity period under 11 U.S.C. Sec. 1121. Nacelle owns and operates a gas upgrading plant adjacent to DCEE's digester that conditions and purifies the raw biogas by removing carbon dioxide, hydrogen sulfide, and other impurities, and converts it into useable renewable natural gas. DCEE pays Nacelle a monthly fee of $110,000 for its services (subject to adjustment based on performance, per the parties' service contract), which also covers costs for the use and maintenance of Nacelle's gas upgrading equipment. In its Chapter 11 plan of reorganization, DCEE proposes to reject the service contract with Nacelle within one year of the effective date of the plan and transition to a new (yet-to-be identified) service provider to perform the same work. Alarmed by DCEE's intentions to engage a new, unidentified service company to perform its gas upgrading services, as well as DCEE's proposal to build and operate a second digester, Nacelle seeks to advance its own disclosure statement and plan for voting. To that end, Nacelle has filed a motion (along with copies of its proposed disclosure statement and plan) asking the Court to: (1) conditionally approve its proposed disclosure statement and (2) schedule a combined hearing on confirmation of its plan and final approval of its disclosure statement. DCEE objects. Although the debtor no longer has an exclusive right to file a plan under 11 U.S.C. Sec. 1121(c)(3) (discussed infra), DCEE urges the Court to give its pending plan primacy over any competing plans, including Nacelle's, by either: (1) reinstating DCEE's exclusive right to file a plan and prohibiting the filing of other plans, or (2) holding proceedings on any competing plans in abeyance until the conclusion of the confirmation hearing on DCEE's plan (currently scheduled for November 20, 2025). DCEE commenced this case on Dec. 19, 2024. It filed its original plan of reorganization within 120 days of the petition date (April 18, 2025) but failed to obtain acceptance of that plan (or move to enlarge the time to do so under Sec. 1121(d)(1)) within 180 days of filing (by June 17, 2025). DCEE now concedes that it missed the June 17 acceptance deadline of Sec. 1121(c)(3), and therefore exclusivity has expired, but says that it did so inadvertently and in a good faith effort to resolve the objections to its disclosure statement. In the circumstances, argues DCEE, the Court can and should retroactively reinstate its exclusive right to file a plan. Section 1121(d)(1) mandates that a request to extend an exclusivity period be made before the period expires. Rule 9006(b), which allows retroactive relief upon a showing of excusable neglect, applies only to deadlines set by the bankruptcy rules and court orders -- not deadlines set by the Code -- so is of no assistance in this case. Finally, even assuming the Court could reinstate exclusivity based on a finding of excusable neglect, DCEE has not convinced the Court that this kind of extraordinary relief is warranted. The statutory deadlines of section 1121 are plain and easily calculable. More problematic, according to the Court, is that DCEE relies on events that occurred after the June 17 expiration of its exclusivity deadline (most notably, the scheduling agreement reached by the parties at the June 30 hearing) as evidence of its belief that exclusivity was meant to continue. The Court finds DCEE's plan as it stands cannot be confirmed for procedural reasons: Class 3, which currently is impaired, was not given the opportunity to vote. For these reasons, the Court must deny DCEE's request to reinstate its plan-filing exclusivity and/or prohibit the filing of competing plans. The Court will hold a status conference on Oct. 14, 2025, at 1:30 p.m. in Room 150 of the United States Courthouse, 517 E. Wisconsin Ave., Milwaukee, WI 53202 to discuss rescheduling voting procedures on DCEE's plan. A copy of the Court's Decision and Order dated October 3, 2025, is available at https://urlcurt.com/u?l=9gicfd About Door County Environmental Energy Door County Environmental Energy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-26772) on Dec. 19, 2024. In the petition filed by Chris A. Lenzendorf, as authorized signatory of Door County Environmental Energy LLC, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Beth E. Hanan oversees the case. The Debtor is represented by Claire Ann Richman, Esq. at RICHMAN & RICHMAN LLC. German American State Bank, as lender, is represented by: Sara C. McNamara, Esq. REINHART BOERNER VAN DEUREN S.C. 1000 North Water Street, Suite 1700 Milwaukee, WI 53202 Tel: (414) 298-1000 Email: smcnamara@reinhartlaw.com DOVGAL EXPRESS: Court Extends Cash Collateral Access to Oct. 31 --------------------------------------------------------------- Dovgal Express, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use its lenders' cash collateral. The eighth interim order signed by Judge Timothy Barnes extended the Debtor's authority to use cash collateral through October 31 to pay the expenses set forth in its budget. As protection for the use of their cash collateral, the lenders were granted replacement liens on their collateral and will receive payments in accordance with the budget. In addition, the Debtor was ordered to make total payments of $95,711.08 to its lenders as further protection. The next hearing is scheduled for October 17. Dovgal was previously involved in transportation business shipping loads throughout the U.S. Due to the economic downturn in the trucking industry beginning in 2022 that resulted in higher fuel prices and lower rates per mile, Dovgal has pivoted to leasing trucks and trailers to other transportation companies, including lease to own equipment, to enable it to secure a steady stream of income through the lease of truck and trailers. About Dovgal Express Inc. Dovgal Express, Inc. is a transportation services provider specializing in dry van truckload, less-than-truckload, and refrigerated shipments. Dovgal Express sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18991) on Dec. 20, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Oleksandr Dovgal, president of Dovgal Express, signed the petition. Judge Timothy A. Barnes handles the case. The Debtor is represented by: O Allan Fridman, Esq. Law Office Of O. Allan Fridman Tel: 847-412-0788 Email: allanfridman@gmail.com DR. JOHN DAIGNAULT: Unsecureds Will Get 13.9% of Claims in Plan --------------------------------------------------------------- Dr. John Daignault P.C. filed with the U.S. Bankruptcy Court for the District of Massachusetts a Plan of Reorganization dated October 1, 2025. The Debtor was formed in 2015 to be the professional corporation of Dr. John Daignault, a forensic psychologist with over 40 years of experience providing forensic psychological evaluations and consultations in criminal, civil, family, juvenile, federal, and administrative courts. Dr. Daignault is the Debtor's only shareholder and only psychologist. In addition to Dr. Daignault, the Debtor has an office administrator and an office assistant. The Debtor's offices are located at 100 Grandview Road, Suite 311, Braintree, MA 02184. The Debtor's liabilities consist of the following approximate amounts: $536,000 owed to the US Small Business Administration, $275,000 to Five Star Bank on an SBA-guaranteed loan, $656,000 owed to BHG Financial, $288,000 allegedly owed to Thor Capital Group, and $125,000 allegedly owed to Kapitus Servicing, Inc. Each of these debts is purportedly secured by some or all of the Debtor's assets. In addition, the Debtor owes about $61,000 in other general unsecured debt, credit cards and vendors. The Debtor's Plan is a three-year bootstrap plan. The Debtor will continue operating its practice and repay creditors from future income. The Debtor will cramdown the secured claims to the value of the collateral, which the Debtor estimates to be about $20,000.00. The remaining claims will be treated as general unsecured claims. Each Claimant will receive its pro rata share of $262,000.00 over three years, which represents an estimated 13.5% dividend. The Debtor will distribute $10,000 quarterly until July 2027 when Dr. Daignault's domestic support obligations end. Thereafter, the Debtor will distribute $24,000 every other month for the remaining 16 months of the Plan. The Debtor is confident the Plan is feasible. The Plan is funded through the Debtor's future net income based on reasonable assumptions. The Debtor's projections assume Dr. Daignault will be able to work at his current levels for the next three years. The projections include a relatively modest increase in Dr. Daignault's salary upon Confirmation of the Plan so that Dr. Daignault can begin paying his significant tax liability. The projections also include a more significant salary reduction after Dr. Daignault's domestic support obligations end in July 2027. At that time, the Debtor will increase the frequency and amount of his payments to the Class 6 General Unsecured Creditors from $10,000 every quarter to $24,000 every other month. Class Six consists of the Allowed General Unsecured Claims in excess of $50,000. In full and complete satisfaction, settlement, release and discharge of all Class Six claims, each holder of an Allowed Class Six claim shall receive a pro rata distribution of $262,000, paid in 7 quarterly payments of $10,000 commencing on the Effective Date and 8 subsequent bi-monthly payments of $24,000. In addition, any net proceeds recovered by the Debtor from any Avoidance Actions or other claim will be contributed to the Plan. The Debtor estimates that each holder of a Class 6 Claim will receive approximately 13.9% of its Claim through the Plan. In addition to the payments described, if the Debtor or Reorganized Debtor pursues any Claims, demands, rights or Causes of Action and receives a recovery thereon, any amounts received in excess of $185,000 (after payment of attorney's fees and other costs of litigation) will be distributed pro rata to the Class 6 and Class 7 Claimants. The claims of the General Unsecured Creditors are impaired under the Plan. Class Seven consists of the Allowed General Unsecured Claims less than or equal to $50,000. In full and complete satisfaction, settlement, release and discharge of all Class 7 Claims, each holder of a Class 7 Claim shall receive a 13.9% dividend on their Claim payable in full in cash on the Effective Date. The claims of the Convenience Class are impaired under the Plan. In addition to the payments described in subparagraph c above, if the Debtor or Reorganized Debtor pursues any Claims, demands, rights or Causes of Action and receives a recovery thereon, any amounts received in excess of $185,000 (after payment of attorney's fees and other costs of litigation) will be distributed pro rata to the Class 6 and Class 7 Claimants. The Plan will be funded from the Debtor's net income. Upon the Effective Date, the Debtor is authorized to take all action permitted by law, including, without limitation, to use its cash and other Assets for all purposes provided for in the Plan and in its operations, to borrow funds, to transfer funds between itself and any other entity for any legitimate purpose, including but not limited to cash management, to refinance its obligations under the Plan or to sell its existing Assets. A full-text copy of the Plan of Reorganization dated October 1, 2025 is available at https://urlcurt.com/u?l=BeK7r0 from PacerMonitor.com at no charge. Counsel to the Debtor: Kate E. Nicholson, Esq. Nicholson Devine LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Telephone: (857) 600-0508 Email: kate@nicholsondevine.com About Dr. John Daignault P.C. Dr. John Daignault P.C. is a professional corporation based in Braintree, Massachusetts. Dr. John Daignault P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11389) on July 3, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtors are represented by Kate E. Nicholson, Esq. at Nicholson Devine LLC. DRI HOLDING: S&P Alters Outlook to Stable, Affirms 'B-' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based web-to-print provider DRI Holding Inc. to stable from positive and affirmed all ratings, including the 'B-' issuer credit rating. The stable outlook reflects S&P's view that DRI will maintain leverage below 6x and modestly positive reported FOCF based on its expectation for about 1% EBITDA growth over the next 12 months. S&P said, "DRI Holding Inc.'s underperformed our expectations in the first half of 2025 due to a weak top line and elevated operating expenses. We believe lower revenue primarily came from small and midsize businesses (SMBs) pulling back on marketing spending in response to an uncertain macroeconomic backdrop. "We now expect leverage to increase to 5.9x in 2025 from 5.6x in 2024, with only modest deleveraging in 2026, and free operating cash flow (FOCF) to debt to remain below 5% through 2026. "We no longer expect FOCF to debt of at least 5% in the next 12 months. As of the second quarter of 2025, FOCF to debt was about 1.9% on a rolling-12-months basis and leverage was 6.2x. We expect cash flow to remain weak, with FOCF to debt of about 1% in 2025. Our base-case forecast assumes a modest improvement in 2026 to about 3.5%, still below our 5% upgrade threshold. This reflects our expectations for gradually easing inflation and lower interest rates in 2026. We believe the underperformance is primarily due to weaker economic conditions as DRI looks to preserve its market share. "Our base case assumes that leverage increases to 5.9x in 2025 from 5.6x in 2024 due to a 4% decline in EBITDA to about $87 million from our previous forecast of about $106 million. Elevated shipping costs and tariff-related price increases on key inputs are primary factors in weaker earnings, although we expect these headwinds will improve in the back half of 2025. We also expect working capital improvements will raise FOCF to debt to about 3.5% in 2026 despite only modest leverage reduction." DRI's business is sensitive to macroeconomic conditions. It has significant exposure to SMB customers, which curtailed marketing spending in the first half of 2025 in response to their own actual and anticipated weak performance. DRI generates substantial revenue from sales of custom marketing materials, including display and signage, stickers and labels, professional forms and stationery, and other specialty print items. S&P considers these products more discretionary and therefore vulnerable to shifts in economic conditions. Print-based marketing materials are often purchased on a noncontractual basis, leading to volatile demand, particularly during economic uncertainty as customers seek to reduce marketing expenditure. S&P said, "We expect low revenue growth for DRI over the next two years. Our baseline forecast anticipates U.S. GDP expansion of 1.9% in 2025 after a weak first half. DRI's revenue decreased by 3% in the first six months of 2025, reflecting broader economic headwinds. However, we expect a modest easing of inflationary pressures and interest rates in the second half of 2025, creating a modestly more favorable macro environment for SMBs. As a result, we expect roughly flat revenue for DRI in 2025. In 2026, we project U.S. GDP growth of 1.8%, with inflation stabilizing near 3% and interest rates modestly declining. Consequently, we forecast a total revenue increase of about 1% in 2026, supported by some improvement in operating conditions for SMBs. "The stable outlook reflects our view that DRI will maintain leverage below 6x and that reported FOCF will remain at least modestly positive based on our expectation for about 1% EBITDA growth over the next 12 months." S&P could lower the rating on DRI if it no longer view its capital structure as sustainable. This could occur if: -- The company cannot generate positive FOCF; -- Its access to additional liquidity is limited due to challenging capital market conditions and covenant constraints; or -- The company is unable to extend the maturity on its revolver due December 2026. While unlikely over the next 12 months, S&P could raise the rating on DRI if the company: -- Consistently improves its organic revenue and scale through increased market penetration and accretive acquisitions; -- Increases its FOCF to debt to more than 5% while maintaining leverage below 6x on a sustained basis; and -- S&P believes its financial sponsors are committed to maintaining such leverage. DYE & DURHAM: S&P Lowers ICR to 'B-', Outlook Negative ------------------------------------------------------ S&P Global Ratings lowered its rating on Dye & Durham Corp.'s (DND) to 'B-' from 'B'. At the same time, S&P lowered its issue-level rating on the company's secured debt to 'B-'. The recovery rating is unchanged at '3', indicating its expectation for average (50%-70%; rounded estimate: 65%). The negative outlook reflects our expectation that S&P Global Ratings-adjusted leverage will remain elevated above 7.0x and the interest coverage ratio will remain weak over the next 12 months. It also reflects our expectation for a narrow covenant cushion, which could constrain liquidity if operating performance underwhelms. This is due to the softness in core operating markets--primarily, real estate--as well as internal operational challenges. DND's performance has weakened due to softness in real estate markets and higher operating costs. As a result, leverage increased to 7.6x on a last-12-months basis as of March 2025. Despite plans to prepay senior debt, leverage will likely remain elevated through 2026 and could rise further in a softening market environment. Credit metrics remain weak. S&P Global Ratings-adjusted leverage deteriorated to 7.6x on a last-12-months basis as of March 2025, up from 7.3x in December 2024 and 6.1x in June 2024--exceeding S&P's downside threshold of 7.0x. The lower EBITDA reflected minimal revenue growth but elevated operating costs, high restructuring charges, and one-time costs. As a result, EBITDA interest coverage also remained weak at about 1.4x. In S&P' view, the credit metrics remain weaker than 'B'-rated software peers. Dye & Durham had approximately $120 million in acquisition earn-out and contingent liabilities scheduled for payment between fiscal 2025 and 2027. Of this, around $60 million was due in 2025, which is almost the same as our expected cash flow from operations. S&P said, "We note that the company has already paid $50 million toward these obligations through March. The remaining contingent liabilities are factored into our adjusted debt calculation between 2025 and 2027. We acknowledge that elevated restructuring costs, proxy-related expenses, and a one-time CEO separation package were key contributors to this year's under-performance. However, they could recur if shareholder activism resurfaces." S&P said, "Our revised projections indicate leverage of approximately 7x for full-year 2025, even assuming the company uses the estimated $140 million in net proceeds from the sale of Credas (announced Oct 7, 2025, and expected to close in two to three months) to pay down the term loan B. Management plans to prioritize deleveraging in the near-term. However, given a softening real estate market and ongoing governance issues, the company's ability to execute its turnaround plan and reduce leverage below 7.0x over the next 12 months is uncertain. Therefore, we lowered our ratings to 'B-'. "We revised our projections down, reflecting soft markets. Noncontracted transactional revenues, representing approximately 43% of total revenue as of second-quarter 2025, are largely tied to real estate transactions and remain vulnerable to continued softness in Canada and the U.K amid a weaker macroeconomic backdrop. Canadian residential housing sales were down 3% in the first half the year. Dye & Durham underperformed our expectations in third-quarter 2024, with only 0.9% top-line growth (including a 2% organic revenue decline) and a 46.5% S&P Global Ratings-adjusted EBITDA margin. The S&P Global Ratings-adjusted EBITDA margin declined year over year to 40.6% from 46.4%, driven by lower operating leverage and higher direct costs. "Concurrently, the company has had to reduce minimum spend commitments to maintain customer viability in a down real estate market, even though we expect low churn for contracts up for renewal in Q4. Lower spend commitments and lower transaction volumes are contributing to revenue pressure. As a result, we revised our fourth-quarter forecast down and now expect flat revenue growth in 2025. Additionally, we anticipate that real estate transaction volumes will remain subdued in 2026, particularly in Ontario and British Columbia, where affordability challenges continue to weigh on buyer activity. While weaker housing sales may dampen overall market momentum, we expect this to be partially offset by sustained refinancing activity. "As a result, we project that Dye & Durham's top-line revenue will decline about 4% in 2026, reflecting flat organic growth and lost revenue from sale of Credas. Consequently, we also revised our 2026 adjusted EBITDA margin forecast down to about 48%. As a result, we now believe the recovery will be slower than what we previously anticipated." Governance disruptions and management churn could derail DND's turnaround amid market headwinds. Dye & Durham has experienced significant executive turnover, cycling through four CEOs and three CFOs in recent quarters. Following a cooperation agreement with major shareholder Plantro Ltd., the company launched a strategic review in July, exploring options such as asset sales, recapitalization, mergers, or a full sale. Earlier this month, Dye & Durham announced it would miss the deadline to file its annual financial statements due to an ongoing review by the Ontario Securities Commission (OSC). The OSC inquiry centers on the company's goodwill impairment testing and purchase accounting disclosures and will not likely affect prior results or projections. However, governance tensions have also escalated, with former executives and shareholders publicly calling for board-level changes. S&P said, "We believe that leadership instability and activist pressure may distract management from executing its turnaround strategy--particularly in a weakening real estate market. Therefore, we revised our management and governance score to negative. "We expect the company's covenant cushion to tighten by third-quarter 2026. The senior secured credit facility includes a maximum first-lien net leverage of 5.8x, which will be tested if borrowings exceed 35% of total commitments." Currently, the company holds $185 million in escrow to settle its original debentures maturing in March 2026. Once those debentures are repaid, the company will no longer be able to net the escrowed amount against debt in the first-lien net leverage calculation. Additionally, certain EBITDA adjustments that previously supported this calculation are expected to roll off. As a result, S&P anticipates the cushion against the 5.8x threshold will decline through second-quarter 2026 and narrow significantly by third-quarter 2026 (ending March 2026), posing a risk to the company's ability to draw further on its revolving credit facility. The planned debt repayment improves the covenant cushion; however, it remains tight. This underpins the importance of successfully executing its turnaround strategy, including but not limited to selling noncore assets and using the proceeds to reduce its elevated leverage. Dye and Durham operates in highly competitive and fragmented markets, with competition from regional and specialized players. Although management continues to work on improving its Unity platform as a consolidated legal technology solution, it faces significant competition in key international markets outside of Canada. The company's approach to bundle practice management, due diligence, and complementary tools like mortgage instructions and title insurance offers some appeal to small- and medium-sized law firms, which often lack in-house capabilities. However, competition is tight, and broader software-as-a-service (SaaS) adoption across legal workforce will take time. As such, the pace of conversion and modernization across the long tail of customers could be slow. S&P said, "Given its significant acquisition spend in recent years ($1.9 billion since the IPO), we expect management will focus on integration and operational efficiencies in the near to medium term. Management has indicated its plans to focus on improving platforms and customer experience on a regional basis rather than software consolidation. We believe any further turnover in its key leadership, governance challenges, and shareholder activism could distract operations and temper the pace of effectiveness of delivering strategy going forward. "The negative outlook reflects our expectation that S&P Global Ratings-adjusted leverage will likely remain elevated above 7.0x and interest coverage ratio remains weak over the next 12 months. It also reflects our expectation of a narrow covenant cushion, which could constrain liquidity if operating performance underwhelms. This is due to the softness in core operating markets--primarily, real estate--as well as internal operational challenges." S&P could lower the rating over the next 12 months if reduced real estate transactions, higher customer churn, or excess cost due to shareholder activism leads to: -- S&P believes that the company's capital structure is unsustainable; -- EBITDA interest coverage approaching 1.0x; or -- Constrained liquidity and tightened covenant headroom. S&P could change the outlook to stable if: -- Management implements and successfully executes on its turnaround strategy, improving EBITDA and lowering leverage to below 7.0x on a sustained basis; and -- The company demonstrates management and board-level stability. EE TLB BORROWER: S&P Assigns Prelim 'BB-' Rating on Secured Debt ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB-' rating and '1+' recovery rating to EE TLB Borrower LLC's (Earthrise) proposed $300 million term loan B (TLB) and $30 million term loan C (TLC). Earthrise will use proceeds to repay existing debt and to make a distribution to the sponsor, which will be used for solar capital expenditures (capex) outside of the project perimeter. S&P's preliminary rating is subject to review of the terms and conditions of the final issuance documents. Earthrise benefits from some cash flow visibility through cleared capacity revenues and bilateral capacity contracts, supporting cash flow sweeps. At the same time, MISO capacity market pricing remains volatile with limited long-term visibility and is a key risk since it accounts for 40%-45% of forecast gross margin. The '1+' recovery rating reflects our expectation of full recovery (100%) in a default scenario. S&P said, "The stable outlook reflects our expectation of robust debt service coverage (DSC) during the TLB period, with a minimum debt service coverage ratio (DSCR) of 2.21x in 2026. The TLB has a robust sweep structure, with a 75% excess cash flow sweep and a target debt balance mechanism, which should support full repayment by 2032 assuming that MISO capacity clears as indicated under our base-case scenario." Earthrise is an operational 1.7 gigawatt thermal portfolio owned by sponsor Earthrise Energy PBLLC (Vision Ridge Partners; the sponsor). The sponsor also owns solar assets that are outside of the project perimeter. The project consists of five natural gas combustion turbine facilities in Illinois, spanning both the PJM and MISO markets in approximately equal proportion. The facilities reached the commercial operations date between 1999-2001 and have heat rates commensurate with peaking facilities. Gibson, Shelby, and Tilton participate in the MISO market; Crete and Lincoln participate in the PJM market. S&P said, "About 40%-45% of the project's cash flow available for debt service (CFADS) is tied to MISO capacity, which is volatile, and on which we lack visibility. MISO capacity revenues account for 40%-45% of gross margin over the life of the project. We have limited long-term visibility on MISO capacity revenues and historical prices have been volatile. We recognize there is robust short- to medium-term visibility on MISO capacity revenues via cleared capacity and bilateral capacity contracts. However, in the medium- to long-term, the percentage of MISO capacity revenue that is locked in steps down. We note that historically, there has been considerable volatility in MISO due to limited capacity being cleared in the planning resource auction (PRA; capacity auction) alongside a vertical demand curve. Although MISO has changed its auction to seasonal and implemented a sloped demand curve that will reward excess capacity and temper prices if there's a shortfall, it remains unclear what impact this will have on capacity prices. Moreover, the PRA clears shortly before the delivery year and only one year out, meaning there is limited price visibility. We expect that near-term tightness due to increased demand should increase capacity prices and forecast prices of about $150 per megawatt-day (/MW-day) to $225/MW-day through the TLB period. Therefore, although we see prices improving, realized auction prices could be materially different from our projections. "The project also has bilateral contracts, which help support cash flow visibility until 2028, with less visibility beyond then. Bilateral capacity contracts are common in MISO, as most capacity is either self-supplied or procured bilaterally, with just 3% secured in the PRA. We expect Earthrise will continue to execute on bilateral capacity contracts, as per management's strategy. The contracts are with creditworthy counterparties that we do not expect will constrain the rating." The robust sweep structure supports the preliminary 'BB-' rating. The TLB will have a flat 75% excess cash flow sweep feature alongside a target balance--whichever leads to a larger sweep amount--a structure that is more robust compared with that of peers. S&P said, "As a result, our minimum DSCR is 2.21x, which we view as commensurate with the rating. Moreover, the target balance is set to reach zero by maturity in 2032. At the same time, the project is materially dependent on MISO capacity revenues, which we view as volatile and on which we lack long-term visibility." The assets are all peakers, meaning the project is reliant on capacity revenues for debt repayment. S&P expects the project will generate more than 90% of gross margin from capacity revenues and/or bilateral contracts. As a result, the project is exposed to fluctuations in capacity prices long term, with minimal cash flows generated from energy margin or ancillary services. The project is dependent on capacity revenues from both MISO and PJM for CFADS and cash flow sweeps. PJM capacity revenues are cleared through May 2027 and the project does not materially engage in PJM capacity hedging. As a result, the portfolio-wide contracted and cleared capacity revenue steps down substantially in 2028 to 31% and about 18%-20% through the TLB period. The collar in PJM does provide incremental visibility on gross margins prior to the auction. Asset lives are limited due to regulations, reducing long-term cash flows. The project's assets are subject to the Climate and Equitable Jobs Act (CEJA) in Illinois, limiting asset lives to either 2034 or 2039, reducing project cash flows as they retire. CEJA requires that assets with high nitrogen oxides (NOx) or sulfur dioxide (SO2) emissions and within 3 miles of an Equity Investment Eligible Community (EIEC) are to shut down by 2030, which affects Tilton and Crete. S&P said, "However, for these assets we assume selective catalytic reduction (SCR) technology is employed, with corresponding capex in our base-case scenario, to reduce emissions below the threshold and continue to operate until 2035 (end of 2034). The incremental capex leads to accretive cash flows for the additional five-year operating period. We assume decommissioning costs that the project must bear are nominally the same as salvage value. The project could also sell the assets to public utilities, which are not subject to CEJA. As Gibson, Shelby, and Lincoln are not near an EIEC, they can operate until the end of 2039 and do not require SCR capex. Ultimately, our assumed project life is limited to the end of 2039. CEJA also requires gas plants to reduce emissions to 50% below 2018-2020 levels. Although we do expect capacity factors will step down in 2029 (Tilton and Crete) and in 2034 (Gibson, Shelby, and Lincoln), the impact is minimal given low contributions from energy margin to overall cash flows." Gross margin from each asset is driven primarily by its nameplate capacity, as gross margins are primarily from capacity revenues. S&P said, "We expect the project will have anti-filing mechanisms in its final credit agreements. We assume the project's final credit agreements will include language addressing anti-filing mechanisms, thereby de-linking the project from the credit quality of its parent. "The stable outlook reflects our expectation of robust DSC during the TLB period and post-refinancing, with a minimum DSCR of 2.21x in 2026. The TLB has a robust sweep structure, with a 75% excess cash flow sweep and target debt balance mechanism, which should support full repayment by 2032 assuming MISO capacity clears as indicated under our base-case scenario." S&P could consider a negative rating action if it expects the minimum DSCR will fall below 1.5x on a sustained basis. This could occur if: -- Capacity prices, in either MISO or PJM, are lower than S&P's forecast; -- The project experiences material operational issues, such as forced outages leading to lower energy margin or capacity penalties; and -- The project's excess cash flows do not result in debt paydown, leading to a higher TLB balance. S&P could consider a positive rating action if: -- The project maintains a minimum DSCR above 2.0x in all years and S&P has better visibility on cash flows driven by executed long-term bilateral contracts or more visibility on MISO capacity prices; and -- The project demonstrates a robust operating track record. This could occur if the project's sweeps lead to repayment of the debt and capacity prices clear higher than our forecast. This could also occur if MISO capacity prices clear higher than forecast or the project executes on long-term bilateral contracts that improve its cash flow visibility. ELANCO ANIMAL: S&P Upgrades ICR to 'BB' on Lower Leverage --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Elanco Animal Health Inc. to 'BB' from 'BB-'. S&P raised its ratings on its senior secured debt to 'BB+' from 'BB' and on senior unsecured debt to 'BB-' from 'B+'. The recovery ratings remain '2' and '5', respectively. The positive outlook reflects that S&P could raise its ratings on Elanco in the next 12-18 months if it reduces leverage below 3.5x and we expect it will generally remain there, with free cash flow to debt sustained above 10%. Elanco has lowered net leverage to 3.9x from 5.6x in the last 12 months, reducing net debt about $1.6 billion. We expect the company is committed to sustaining leverage below 4.5x. The upgrade reflects that Elanco is committed to sustaining lower leverage. S&P Global Ratings-adjusted debt to EBITDA was 3.9x for the 12 months ending June 30, 2025, its lowest in five years. The deleveraging has primarily resulted from about $1.6 billion of debt repayment using proceeds of its aqua business divestiture (about $1 billion), operating cash flow ($300 million), and the sale of human health royalties from the lotilaner ($300 million) ophthalmic solution for Demodex blepharitis. The company has stated its desire to bring net leverage below 3x. Given material debt repayment, suspension of share repurchases, and pressure from equity investors to reduce leverage, we expect Elanco will continue to prioritize deleveraging and find it unlikely that leverage will increase back above 4.5x. The company has a limited history of sustaining leverage below 4.5x amid acquisitions and operational challenges. S&P views the substantial debt repayment as signaling a shift in Elanco's long-term financial policy. Elanco's better-than-expected product launches should strengthen its credit profile. The company's launches in 2024 and 2025, including Credelio Quattro, Zenrelia, Bovaer, and AdTab, have gone better than expected, contributing to year-over-year revenue growth despite the divestiture of its aqua business (about 4% of revenues) in 2024. Elanco raised the midpoint of its expected revenue contribution from innovative products by $80 million to $760 million. Among these launches, parasiticide Credelio Quattro has led growth in pet health and become a blockbuster in its first year of adoption. Within its farm animal business, Experior, a feed additive that reduces ammonia gas emissions, has led seen the most significant growth in 2025 stemming from late-2024 FDA approval of three different product combinations for finishing heifers. Additionally, Zenrelia, a canine dermatitis Janus kinase (JAK) inhibitor, has been positive in 2025. Its U.S. boxed warning was softened and growth was strong in first-line settings. S&P said, "We expect revenue expansion will remain strong in 2026 and 2027 and that margins will improve materially due to the favorable shift in product mix toward higher-margin companion animals and bovine farm animals. We also expect normalized selling, general, and administrative costs and capital expenditure (capex) following spikes associated with product launches." These successes demonstrate improved execution, important for increasing EBITDA with more than 100 active research and development programs for different species. S&P expects its investments in canine and feline monoclonal antibodies will be the most commercially important pipeline assets over the next few years. An ability to reduce costs and improve free cash flow present ratings upside. Given that the company continues to guide for a decline in EBITDA in 2025 due to elevated product launch costs and the divestiture of the aqua business, maintaining a rapid pace of deleveraging will depend on bringing elevated costs down in 2026. Elanco has additional work to develop new markets, unseat entrenched rivals, and defend against other new competing products. S&P said, "We view the launch of Merck's second-generation JAK inhibitor as a particular challenge to Zenrelia, given the recency of its introduction. Additionally, capital investments related to these new products have temporarily constrained Elanco's free cash flow. We anticipate it will return above 10% of debt in 2026 as capex declines." S&P said, "Given Elanco's global footprint, we view macroeconomic uncertainty as a risk. While we expect tariffs will present some challenges to operational improvements, we expect the impact will be less than $15 million in 2025 and remain modest at under 1% of revenues in 2026 and 2027. Within the U.S., Elanco's largest market, veterinarian visits have declined about 2%-3% annually in 2024 and 2025 amid economic pressures and declining pet ownership from COVID-19 pandemic-related highs. While important for new products, we think these headwinds are largely offset by still high pet ownership and increasing spending per visit. Additionally, we believe Elanco is well positioned to sell its products through alternative channels, including e-commerce. "The positive outlook reflects that we could raise our ratings on Elanco in the next 12-18 months if it reduces leverage below 3.5x and we expect it will generally remain there, with free cash flow to debt above 10%." S&P could revise its outlook on Elanco to stable if it expects: -- Leverage will remain elevated above 3.5x; or -- Free cash flow to debt remains below 10%. Given the company's demonstrated commitment to reducing debt and its short-term suspension of share repurchases, we expect operational setbacks or opportunistic mergers and acquisitions would be the greatest risks to deleveraging. S&P could consider raising its rating on Elanco if: -- S&P Global Ratings-adjusted debt to EBITDA declines below 3.5x and S&P expects it to remain there; and -- S&P expects it to generally sustain free cash flow to debt above 10%. Under this scenario, S&P would expect the company to sustain expansion from its recently launched products and continue expanding EBITDA margins through improved product mix and operating efficiency. ELECTRIC BICYCLE: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- Steve Frothingham of Bicycle Retailer reports that Electric Bicycle Co. (EBC), a California-based manufacturer known for its custom-built e-bikes, has filed for Chapter 7 bankruptcy liquidation, listing $6.1 million in total liabilities against $953,000 in assets. The petition also includes $960,000 in secured claims. Founded 14 years ago by South African-born entrepreneur and former restaurateur Sean Lupton-Smith, EBC gained recognition for assembling and painting its e-bikes domestically in an effort to rely on U.S.-made components and reduce tariff exposure. Lupton-Smith attributed the company's downfall to rising tariffs on imported parts and mounting financing costs. In an email to Bicycle Retailer and Industry News (BRAIN), he said, "I thought Trump would save the day but in fact our tariffs on our parts went up from 25% to 55% and more. It killed us." He added that competitors have managed to bypass these challenges by routing products through other countries, under-invoicing, or selling below cost without proper safety certifications. According to Lupton-Smith, without stronger tariff protections and stricter enforcement of safety standards, domestic e-bike manufacturing in the U.S. will remain unsustainable. In the wake of EBC's bankruptcy, Lupton-Smith said he plans to pivot toward promoting e-bike safety through his new initiative, ebikesafety.com, aimed at advocating for tougher safety standards and rider education, particularly for children. EBC's closure underscores the broader struggles of the U.S. bicycle industry, where tariffs and overseas competition have forced several domestic assemblers to halt operations. While some brands such as EBliss and Blaupunkt are expanding assembly in New York and North Carolina, others—including Kent International and Fuell—have exited U.S. production due to similar cost pressures. Before shutting down, EBC raised only $171,000 of its $1.23 million crowdfunding goal, despite generating $9.5 million in sales and posting a $1.97 million net loss in its most recent fiscal year, 2025, the report states. About Electric Bicycle Co. (EBC) Electric Bicycle Co. (EBC) is a California-based manufacturer known for its custom-built e-bikes. ENERGOS INFRASTRUCTURE: S&P Assigns 'BB' ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings assigned a 'BB' issuer credit rating to Energos Infrastructure Holdings Finance LLC. S&P said, "We assigned a 'BB' issue-level rating and '3' recovery rating to the proposed senior secured debt. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. "The stable outlook reflects our expectation that Energos Infrastructure will maintain S&P Global Ratings-adjusted debt to EBITDA of 5x-5.5x over the next two years." Energos, a midstream energy company that provides liquefied natural gas (LNG) services worldwide, launched a $500 million senior secured term loan B and $1.5 billion in senior secured notes on Oct. 8, 2025. It will use the proceeds to refinance debt. Energos' contract profile, fleet, and minimal commodity price exposure are positives. Its competitive position is enhanced by 13 high-specification assets supported by time charter and terminal use contracts, which are effectively long-term take-or-pay arrangements, providing stable revenue and cash flow. About 100% of the company's EBITDA will be backed by take-or-pay contracts, thus it has no direct commodity price exposure. Energos' weighted-average remaining contract life is 14 years with a mix of investment-grade and speculative-grade customers. Energos benefits from a fleet in nine countries. Unlike onshore LNG infrastructure, this geographic diversification means Energos can move its fleet around the world to meet global demand if a contract expires or a customer elects to subcontract its vessel. In our base-case scenario, we do not assume any relocation of assets. S&P also assumes minimal likelihood of moving its floating storage regasification units (FSRU) at the end of a contract based on the critical nature they represent to each country's power supply. S&P said, "Our view of Energos' business risk is offset by the smaller scale of the overall business from an EBITDA perspective as well as exposure to New Fortress Energy Inc. (NFE) as a counterparty, representing about 23% of 2025 contracted cash flow. We rate NFE 'CCC' with a negative outlook due to refinancing risk. While 23% is not immaterial, we believe Energos is taking appropriate steps to manage counterparty risk. We would expect the NFE contracted cash flow to continue through restructuring or default. We also note that Energos is actively working on a buyout of some of its fleet owned by NFE, which would lower this exposure over the medium term. "We expect adjusted EBITDA of $360 million-$370 million in 2025-2027. Most of Energos' cash flow is backed by highly predictable take-or-pay commitments. We expect S&P Global Ratings-adjusted EBITDA to remain stable over the next few years as the company continues to execute on its contracts. We assume the company will undergo one growth capital project, a conversion of liquified natural gas carriers (LNGC) to FSRUs, with a total capital expenditure (capex) budget of about $70 million in 2025, increasing to $85 million-$90 million in 2026 and 2027. The ships typically take a little over two years to complete, therefore we do not expect any cash flow benefit until 2028. The project has yet to commence so it does not have a customer allocated yet. We assume Energos can contract the FSRU with similar terms to the existing fleet. "We do not anticipate any further expansion projects over our forecast period. We expect about $115 million in free operating cash flow through 2027 and no distributions in 2025 and 2026. Since the company is owned by a financial sponsor, we do not net cash against outstanding debt, resulting in S&P Global Ratings-adjusted debt of $1.98 billion in 2025 and $1.94 billion in 2026, with S&P Global Ratings-adjusted debt to EBITDA of 5x-5.5x through 2027. "Our FS-5 financial policy score reflects Energos' ownership by a financial sponsor. Its ultimate parent, Energos Infrastructure Holdings LLC, has a six-member board of directors, four of whom are nominated by Apollo Global and two are the senior-most company executives. We consider Apollo to be a financial sponsor based on our assumption that it typically employs a financial policy focused on shareholder returns. We expect gross leverage will be at least 4.5x as per company metrics through our forecasted period. "The stable outlook reflects our expectation that Energos Infrastructure will maintain S&P Global Ratings-adjusted debt to EBITDA of 5x-5.5x over the next two years. We expect it will continue to operate its fleet of FSRU, floating storage units (FSU), and LNGC vessels." S&P could consider a negative rating action on Energos if: -- It cannot renegotiate contracts at favorable rates; or -- Credit deterioration at any counterparty materially impairs cash flow, resulting in adjusted debt to EBITDA sustained above 5.5x. Although unlikely, S&P could take a positive rating action if Energos and its sponsor adopt a much more conservative financial policy. EVALINA LLC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Evalina LLC and Xelero Medical Research, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including monthly payments to the Subchapter V trustee; and the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. This authorization will continue until further order of the court. The Debtor projects total operational expenses of $66,223 for October. Each creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. The Debtors are entitled to collect money from parties with outstanding accounts receivable. The court will hold a further hearing on November 13. About Evalina LLC Evalina LLC, doing business as Ixchel Skin and Body Medical Spa, provides cosmetic and aesthetic services across facial, body, and hair treatments. Based in Lutz, Florida, the company offers laser procedures, microneedling, injectables, IV therapy, body contouring, hair restoration, and skincare treatments. Evalina filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05306) on July 30, 2025, with $1 million to $10 million in assets and liabilities. On September 26, 2025, Xelero Medical Research, LLC, an affiliate of Evalina, filed a Subchapter V case (Bankr. M.D. Fla. Case No. 25-07101), listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. The cases are jointly administered under Case No. 25-05306. Judge Catherine Peek McEwen presides over the cases. Harley E. Riedel, Esq., at Stichter, Riedel, Blain, & Postler P.A. represents the Debtors as legal counsel. EVERCOMMERCE SOLUTIONS: Moody's Affirms 'B1' CFR, Outlook Stable ---------------------------------------------------------------- Moody's Ratings affirmed EverCommerce Solutions Inc.'s (EverCommerce) B1 corporate family rating and B1-PD probability of default rating. Moody's also affirmed the B1 rating on EverCommerce's $30 million senior secured first-lien revolving credit facility expiring July 2026, $125 million backed senior secured first-lien revolving credit facility expiring July 2030 and $529 million backed senior secured first lien term loan due July 2031. The speculative-grade liquidity rating (SGL) is maintained at SGL-1. The outlook is stable. EverCommerce is a leading provider of SaaS-based integrated solutions for SMBs globally. The rating affirmation reflects Moody's views that EverCommerce's credit metrics will improve over the next 12 to 18 months from revenue growth in the mid single-digit range (pro forma with the divestiture of the Marketing Technology Solutions segment) and sustained margin expansion, with EBITDA margins trending above 20%. This improvement is underpinned by the company's strategic actions, including the discontinuation of its lower-margin Marketing Technology Solutions segment and continued investment in automation to enhance operational efficiency. While Moody's anticipates that EverCommerce may pursue selective M&A or share repurchases, Moody's expects the company to maintain a disciplined capital allocation strategy aimed at keeping adjusted debt/EBITDA less capitalized software costs below 5x and preserving a strong liquidity profile, including full availability under its revolving credit facility. RATINGS RATIONALE EverCommerce's B1 CFR is constrained by moderately high financial leverage, with debt/EBITDA at 3.9x, or 4.6x reducing EBITDA by capitalized software costs, as of June 30, 2025. Moody's expects leverage to remain in the high-3x range, or in the mid-4x range when deducting capitalized software costs, through 2026. The company's profile also reflects risks of customer churn among its SMB client base amid competitive pressures and sensitivity to macroeconomic headwinds. Governance risk also persists due to concentrated ownership. Although publicly traded, EverCommerce Inc. (EVCM) remains majority-owned by Providence Strategic Growth (PSG) and Silver Lake Alpine (SLA), which limits board independence and raises the potential for aggressive financial policies. All financial metrics cited reflect Moody's standard adjustments. EverCommerce's credit profile is supported by its strong positioning in its target markets and favorable long-term growth prospects, driven by the increasing adoption of digital solutions by SMBs for billing, payment processing, and operational efficiency. The company's primarily subscription-based model and diverse client base provide solid revenue visibility, complemented by mid single-digit organic growth. The recent divestiture of the lower margin Marketing Technology Solutions segment—which represented 20% of 2024 total revenue—enhances profitability and predictability by allowing the company to focus on higher margin, recurring-revenue verticals. However, the divestiture also reduces scale and diversification, which may modestly temper the company's competitive breadth. Liquidity remains robust, with full availability under a $155 million revolving credit facility. Moody's expects EverCommerce to maintain a very good liquidity profile over the next 12 to 15 months. Liquidity is supported by an unrestricted cash balance of $135.8 million as of June 30, 2025. Moody's anticipates the company will generate annual free cash flow relative to debt in the mid- to high-teens percentage range during this period. Liquidity is further bolstered by full availability under EverCommerce's $155 million revolving credit facility, which includes a $30 million tranche maturing in July 2026 and a $125 million tranche maturing in July 2030. While the company's term loan due July 2031 is not subject to financial covenants, the revolving credit facility includes a springing covenant tied to a maximum net first lien leverage ratio of 7.5x. Moody's expects the company to remain comfortably in compliance with this covenant if tested over the next 12 to 15 months. EverCommerce Inc., a holding company, is the issuer of the audited financial statements and EverCommerce Solutions Inc. is the primary obligor for the first-lien credit facilities. Although EverCommerce Inc. does not guarantee the rated debt, Moody's ratings assume its audited financial statements to be fully and fairly representative of the borrower, EverCommerce Solutions Inc. Moody's assumes EverCommerce Inc. holds no materials assets or liabilities other than its 100% ownership of EverCommerce Intermediate Inc., which in turn owns 100% of the borrower. The debt is guaranteed by each material US subsidiary of the borrower, excluding any subsidiaries specifically exempted under the terms of the credit agreement. The B1 backed senior secured first-lien bank credit facility ratings and B1 senior secured first-lien bank credit facility ratings are in line with the B1 CFR and reflect their position in the capital structure representing the vast majority of debt. The stable outlook reflects Moody's expectations that EverCommerce will achieve midsingle-digit percentage annual revenue growth and strong EBITDA expansion exceeding 20% over the next 12 to 18 months. Moody's also anticipates that debt/EBITDA, after expensing capitalized software costs, will decline toward the mid-4x range, while maintaining a strong liquidity profile during this period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if EverCommerce demonstrates revenue growth in the high single-digit percentage range, increases its scale and diversification, and expands profitability margins while adhering to a more conservative financial policy with declining equity ownership concentration. Additionally, the company should maintain a very good liquidity profile, sustain debt/EBITDA less capitalized software costs below 4x, and maintain interest coverage, calculated as EBITDA minus capex over interest expense, around 4x. The ratings could be downgraded if EverCommerce experiences weakening operating performance, adopts more aggressive financial policies such that debt/EBITDA less capitalized software costs is sustained above 5x and free cash flow to debt declines below 10%, or if governance weakens due to increased ownership concentration. The principal methodology used in these ratings was Software published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Denver, CO, EverCommerce Inc. is a publicly listed company and is majority-owned by PSG and SLA. The company provides SaaS-based integrated solutions for business management, billing, payment processing, and customer engagement, primarily targeting SMBs globally. It operates primarily across two major verticals: EverPro for Home Services, offering specialized software for home and field service professionals such as contractors, remodelers, and landscapers to streamline operations and enhance customer engagement; and EverHealth for Health Services, delivering end-to-end solutions for healthcare providers, including practice management, electronic health records, revenue cycle management, and patient engagement tools. Moody's anticipates that the company will generate approximately $615 million in sales by 2026. EYECARE PARTNERS: Nuveen Credit Marks $2.8MM Loan at 21% Off ------------------------------------------------------------ Nuveen Credit Strategies Income Fund (JQC) has marked its $2,837,927 loan extended to EyeCare Partners, LLC to market at $2,254,378 or 79% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a Second Out Term Loan B to EyeCare Partners, LLC. The loan accrues interest at a rate of 4.419% per annum. The loan matures on November 30, 2028. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, Il 60606 Telephone: (800) 257‑8787 About EyeCare Partners, LLC EyeCare Partners unites eye care specialists and thought leaders from every subspecialty with a mission of setting the industry standard in patient care. FACEBANK INT'L: DBRS Puts 'BB' LongTerm Issuer Rating Under Review ------------------------------------------------------------------ DBRS, Inc. placed the credit ratings of FACEBANK International Corporation (FACEBANK or the Company), including the Company's Long-Term Issuer Rating of BB Under Review with Developing Implications. The credit rating action follows FACEBANK's announcement on October 3, 2025, that it intends to recapitalize and merge with Eastern National Bank (ENB), with ENB becoming the surviving entity, which will be rebranded as FACEBANK, N.A. Founded in 1969, ENB is a bank based in Miami, Florida that provides community and international banking services, including personal and business banking, and real estate mortgages. Over the past several years, ENB has faced financial challenges and, as a result, has downsized its loan portfolio to meet regulatory capital requirements. Consequently, the bank has become structurally unprofitable and requires additional capital. KEY CREDIT RATING CONSIDERATIONS The Under Review with Developing Implications designation reflects Morningstar DBRS' view that there are a number of items that need to align, including new equity investors, various regulatory approvals and the formation of a holding company to complete the transaction. Once the path to the new structure becomes more certain and the post-transaction credit profile clearer, Morningstar DBRS will evaluate the transaction's impact on the Company's operating model, financial performance, risk profile, funding and liquidity, and capitalization. Completion of the transaction is subject to required regulatory approvals, including that of its current regulator, the Oficina del Comisionado de Instituciones Financieras (OCIF) of Puerto Rico, as well as the OCC, the FDIC and the Federal Reserve Board. Following the merger, the combined bank is expected to have more than $600 million in total assets including $316 million in loans funded by approximately $535 million in deposits. There will be benefits from the new charter, including the addition of deposit insurance as well as access to other avenues of liquidity. However, the challenge will be to improve earnings by wringing out expenses, while integrating the two franchises and continuing to invest in systems and technology. CREDIT RATING DRIVERS When there is more clarity on the approval process and timeline for completion of the transaction, Morningstar DBRS may take one of the following actions: If Morningstar DBRS believes that the merger would only modestly alter FACEBANK's credit fundamentals, it would confirm the current credit ratings with Stable trends and would remove the Under Review with Developing Implications status. If Morningstar DBRS views the completion of the merger as having a material positive and sustainable impact on FACEBANK's operating model, risk profile, funding and liquidity, and/or capitalization, it would place the credit ratings Under Review with Positive Implications. This could be driven by continued strong execution on strategic initiatives resulting in increased franchise scale, including a more diverse funding mix. Conversely, if Morningstar DBRS views the completion of the potential merger as having a material negative impact on FACEBANK's credit profile, it would place the credit ratings Under Review with Negative Implications. This might include, an increased risk appetite, a perceived inability to return to strong profitability metrics including reducing the combined entities' expense base. CREDIT RATING RATIONALE Morningstar DBRS placed the credit ratings Under Review with Developing Implications because of the unknowns related to the merger, including the successful completion of an equity raise and the timeline of regulatory approval from multiple agencies. Morningstar DBRS will evaluate the transaction's impact on the Company, as there is more clarity on the approval timeline and post-transaction credit profile. Established in 2006, FACEBANK operates as an International Bank Entity (IBE) under the laws of the Commonwealth of Puerto Rico. The IBE charter offers a tax-efficient platform for the bank to provide U.S. dollar deposit and payment services to foreign customers. Through its Florida-based mortgage subsidiary, Florida Home Trust, the Company provides residential mortgage loans to foreign nationals primarily in South Florida. A key component of FACEBANK's franchise is the online connection with the Federal Reserve Bank of New York (FRBNY), which it has had since 2016 as well as the recent approval of FedNow capabilities. This relationship allows the Company to efficiently clear deposits for its customers, saving both time and expense. We view this connectivity as a competitive advantage for FACEBANK, which is contingent on the Company maintaining strong BSA/AML and corporate governance practices and ongoing reviews from the FRBNY. Notes: All figures are in U.S. dollars unless otherwise noted. FAITH ELECTRIC: Seeks Additional $500,000 DIP Loan From F&M Bank ---------------------------------------------------------------- Sam D. Heigle, the Chapter 11 trustee for Faith Electric, Inc. and its affiliates, asks the U.S. Bankruptcy Court for the Western District of Oklahoma for authority to use cash collateral and obtain senior secured superpriority post-petition financing. This request follows the trustee's ongoing efforts, since his appointment in August to maintain the going-concern value of the Debtors' estates and manage complex financial challenges, including disputes with pre-petition secured creditors such as Wells Fargo. The trustee previously obtained court approval for a financing package with F&M Bank, which provided $900,000 in term loans and a $500,000 revolving line of credit. That financing package was used to refinance secured debts owed to Wells Fargo and Generator Supercenter Franchising, LLC, and to provide the Debtors with working capital for payroll and operations. The term loans replaced the Debtor's outstanding secured obligations -- $647,359 to Wells Fargo and $160,027 to GSF -- while also providing up to $250,000 in additional funds. The revolving loan allowed for the purchase of inventory, specifically generators, to fulfill customer orders and sustain business activity. Under the terms of the first F&M financing, F&M Bank was granted liens and superpriority administrative claims secured by the Debtors' accounts receivable and general intangibles tied to the sale and installation of equipment. F&M also succeeded to the liens previously held by Wells Fargo through equitable subrogation. The loans carried a 9% annual interest rate, with the term loan maturing in January 2026. A carveout was included to ensure payment of allowed fees for the trustee and his professionals, capped at $600,000 following a notice of default. The financing structure further allowed F&M to enforce remedies, including automatic stay relief, if the trustee failed to cure defaults within 10 days of written notice. Now, the trustee seeks approval for an additional $500,000 in post-petition financing on the same terms as the first F&M financing, also subject to the same carveout protections. This additional financing is intended to maintain the administrative solvency of the estates by ensuring the trustee and his professionals can be paid, thereby avoiding disruption to case administration and the Debtors' operations. F&M will be granted superpriority liens and administrative expense claims on the same types of collateral -- accounts receivable and general intangibles related to equipment sales and installations -- as security for the new loan. About Faith Electric Inc. Faith Electric, Inc. is an Oklahoma City-based company, which specializes in electrical contracting services. It offers design, installation, and repair for residential, commercial, and industrial clients. In 2019, the company rebranded as Generator Supercenter of Oklahoma, focusing primarily on Generac generator sales, installation, and maintenance. Faith Electric filed Chapter 11 petition (Bankr. W.D. Okla. Case No. 25-10921) on March 31, 2025, listing up to $10 million in both assets and liabilities. Austin Partida, chief executive officer of Faith Electric, signed the petition. Judge Sarah A. Hall oversees the case. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, is the Debtor's bankruptcy counsel. Wells Fargo Commercial Distribution Finance, as secured creditor, is represented by: Ross A. Plourde, Esq. McAfee & Taft, A Professional Corporation 8th Floor, Two Leadership Square 211 North Robinson Oklahoma City, OK 73102-7103 Telephone: (405) 235-9621 Facsimile: (405) 235-0439 ross.plourde@mcafeetaft.com FANATICS COLLECTIBLES: S&P Ups Sec. Credit Facility Rating to 'BB' ------------------------------------------------------------------ S&P Global Ratings raised its issue-level rating on Fanatics Collectibles Intermediate Holdco Inc.'s (Fanatics Collectibles) senior secured credit facility to 'BB' from 'BB-'. S&P also revised the recovery rating to '2' from '3'. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. Following the recent full repayment of its senior secured term loan, the facility consists only of a $600 million cash-flow revolver due April 2028. The repayment of the senior secured term loan improved the remaining senior secured lenders' recovery prospects. Issue Ratings--Recovery Analysis S&P assesses recovery prospects for the debt at Fanatics Collectibles as a separate stand-alone entity based on the ring-fencing of the debt facilities from FHI's other subsidiaries. Key analytical factors -- Fanatics Collectible's capital structure consists of a senior secured credit facility that contains only a $600 million cash flow revolver due April 2028. The rating on the senior secured credit facility is 'BB', and the recovery rating is '2' (rounded estimate: 75%), reflecting substantial recovery prospects in a hypothetical default scenario. -- S&P's simulated default scenario contemplates a default occurring in 2029 at Fanatics Collectibles because of a steep decline in EBITDA. This would likely stem from a loss of key licensing contracts or partnerships and weak consumer discretionary spending amid an economic contraction, limiting the company's ability to meet its financial commitments. -- S&P's recovery analysis assumes the company will emerge as a going concern following a bankruptcy to maximize lenders' recovery prospects. -- S&P applies a 6x multiple to our projected emergence EBITDA to estimate the company's enterprise value. This multiple is lower than the 6.5x we typically use for leisure and sports issuers, reflecting its view that valuations could be limited in a stressed environment with strained relationships with IP owners. -- S&P assumes about $525 million of borrowings would be outstanding under the $600 million cash-flow revolving credit facility at default, reflecting 85% utilization of the commitment and six months of prepetition interest. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $72 million -- Implied enterprise value (EV) multiple: 6x -- Estimated gross EV at emergence: $432 million Simplified waterfall -- Net EV after 5% administrative costs: $410 million -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to secured claims: $410 million -- Senior secured facility claims: $525 million* -- Recovery expectations: 70%-90%; rounded estimate: 75% *Debt amounts include six months of prepetition interest. FINLEY DESIGN: Court Extends Cash Collateral Access to Oct. 31 -------------------------------------------------------------- Finley Design, P.A. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The fifth interim order authorized the Debtor to use cash collateral through October 31 to pay business expenses in accordance with its budget, subject to a 10% variance. The budget projects total operational expenses of $164,112.72 for October. First Citizens Bank & Trust Co. and five other creditors hold UCC-perfected security interests. As protection for the Debtor's use of their cash collateral, secured creditors will be granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to pay $1,500 per month to First Citizens and maintain insurance of its property, with First Citizens listed as loss payee. The next hearing is scheduled for October 29. About Finley Design P.A. Finley Design P.A., doing business as Finley Design PA Architecture + Interiors, provides architectural, interior, and master planning services for retail, office, medical, mixed-use, residential, and environmental design projects. The firm focuses on client-centered solutions, offering design leadership and project execution across various commercial and residential sectors. Finley Design sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02252) on June 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Philip Sasser Sasser Law Firm Tel: 919-319-7400 Email: philip@sasserbankruptcy.com FIRST BRANDS: Creditors' Committee Named in Chapter 11 ------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that a Texas bankruptcy court has named nine companies to the unsecured creditors' committee in First Brands Group's Chapter 11 case, giving key suppliers and lenders a seat at the table in the ongoing restructuring. The group will work closely with the debtor and the court to safeguard creditor interests. Kevin M. Epstein, the United States Trustee for Region 7 (Southern and Western Districts of Texas), pursuant to 11 U.S.C. Section 1102(a)(1), appointed the following eligible creditors to the Official Committee of Unsecured Creditors in the case: First-Citizens Bank & Trust Company Attn: Anthony Masci 11 W. 42nd St. New York, NY 10036 212-771-9542 Anthony.masci@firstcitizens.com Motion Industries Attn: Anthony Bush 1605 Alton Road Birmingham, AL 35210 205-957-5279 Anthony.bush@motion.com Napier Park Global Capital (US) LP Attn: Shachar Minkove 280 Park Avenue, 3rd Floor New York, NY 10017 212-235-0700 Shachar.minkove@napierparkglobal.com Pension Benefit Guaranty Corporation Attn: Cynthia Wong 445 12th Street SW Washington, DC 20024 202-229-3033 Wong.cynthia@pbgc.gov Raistone Purchasing LLC Attn: Matthew McAlpine 360 Madison Avenue, 22nd Floor New York, NY 10017 646-868-8261 mmcalpine@raistone.com Yusin Brake Corporation Attn: Paul Stewart 5 F, No. 381 Wufeng North Road, East District Chiayi City 60045, Taiwan 561-697-4502 paul@bourneusa.com Fasanara Capital Attn: Nikita Saygakov 40 New Bond Street, 9th Floor London, England W1S2RX Nikita.Saygakov@fasanara.com Transend Logistics, LLC Attn: Jon Singer 1333 N Kingsbury St., SE 305 Chicago, IL 60642 312-593-5229 jon@transendlogistics.com T.H.I. Group (Shanghai) LTD Nancy Sun 10th FL, Kaikai Plaza, No 888 Wanhangdu Rd Jingan District, Shanghai, P.R. Cina 200042 86-186-6386-1398 nancysun@t3ex-thi.com One committee member, an affiliate of Raistone Capital, has been a vocal advocate for appointing a Chapter 11 examiner to probe First Brands' finances and management decisions before the bankruptcy, according to Law360. Raistone contends that an outside review is essential to ensure accountability and restore trust among creditors, according to report. The committee's appointment marks an important procedural milestone as First Brands seeks to stabilize operations and craft a feasible reorganization plan under court supervision, the report states. About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' claims agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. FIRST BRANDS: DOJ Starts Probe on Company's Collapse ---------------------------------------------------- Brandon Sapienza of Bloomberg News reports that the U.S. Department of Justice has begun a preliminary investigation into the bankruptcy of First Brands Group, The Financial Times reported, citing people with knowledge of the matter. The probe, led by prosecutors from the Southern District of New York, is still in its early stages and focused on gathering facts, as many financial details surrounding First Brands remain uncertain. Neither the company nor the DOJ has issued a public statement regarding the inquiry, and the U.S. Attorney's Office for the Southern District of New York did not respond to requests for comment, according to the FT. About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' Claims Agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. FIT & THRIVE: Seeks Cash Collateral Access ------------------------------------------ Fit & Thrive, Inc. asks the U.S. Bankruptcy Court for the Southern District of Illinois for authority to use cash collateral and provide adequate protection. The cash collateral is currently encumbered by a pre-petition lien held by Heartland Bank. The bank has a secured interest in all of the Debtor's assets under a Uniform Commercial Code agreement. The Debtor argues that the use of this cash collateral is essential to continue its operations, pay necessary business expenses, and preserve viability while it attempts reorganization. The Debtor explains that without access to the cash collateral, it would be forced to cease operations, resulting in irreparable harm to its business and creditors. To support this request, the Debtor filed a proposed October 2025 budget, projecting $78,265 in income and $73,526 in expenses, leaving a small projected profit of $4,739. The Debtor pledges to work with Heartland Bank in good faith to finalize a consensual budget and plan for continued operations. As adequate protection for Heartland Bank, the Debtor offers replacement liens on both pre-petition and post-petition assets to the extent of any diminution in value caused by the use of the cash collateral. These replacement liens would retain the same priority, validity, and enforceability as the original security interest, excluding any Chapter 5 avoidance actions. A court hearing is scheduled for October 21. About Fit & Thrive Inc. Fit & Thrive, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-30752) on September 30, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Sara Sanderson, president of Fit & Thrive, signed the petition. Judge Mary E. Lopinot oversees the case. J. D. Graham, Esq., at J. D. Graham, PC, represents the Debtor as legal counsel. FLAME LLC: Amends Unsecured Claims Pay Details ---------------------------------------------- Flame, LLC, submitted a Second Amended Disclosure Statement describing Chapter 11 Plan. The Debtor has expended considerable effort to increase its customer base and income since the filing of the Plan. Total operating income has increase at a faster rate than projected in the original reaching over $226,000 per month in the second quarter of 2025 and on track to average at least $250,000 in the third quarter. The Debtor has negotiated Adequate Protection Agreements with the secured creditor, BMO Bank. The agreement with BMO Bank is noted for approval on September 11, 2025. The Debtor had also negotiated and the Court had approved an Adequate Protection Order for ReadyCap Lending LLC. However, the Debtor has decided instead to list the property at 2110 136th Ave E, Sumner, WA 98390 for sale and has entered into a contract for the sale of the property. ReadyCap has been granted Relief from Stay, but the Debtor proposes to pay the contractual rate of the Promissory note on the property until the sale of the property is completed. The sale will pay ReadyCap's lien in full. Proceeds over the payment of ReadyCap's loan will not be known until final pay off figure is received from ReadyCap. ReadyCap's claim will be allowed as fully secured and ReadyCap will retain all liens. Key Bank NA has also received Relief from Stay. The Debtor has obtained a buyer for the 2016 Freightliner Cascadia and the 2022 Hyundai Dry Van, which will pay the balance in full. Debtor will either purchase the 2019 Kenworth T680 outright for the fair market value of the vehicle in a single payment and treat the balance of the lien amount as a general unsecured creditor or surrender the vehicle to Key Bank NA. Class 12 consists of General Unsecured Claims. This Class shall receive $1500 per month thru Feb 2026, then increasing to $3000 per month, additionally funds allotted to tax delinquency other than the property taxes owed to The Internal Revenue Service and Oregon Department of Transportation will be added to this class as tax delinquency is paid in full. Payments will begin within 30 days of Plan confirmation and will end after approximately 60 monthly payments. Class 12 shall also receive 25% of the net proceeds from sale of Sumner Property. This Class is impaired. Payments and distributions under the Plan will be funded by the Debtor's cash flow from operations and future income including the leasing of equipment to other nonaffiliated companies when that equipment is not in use by the Debtor. Twenty-five percent of the net proceeds from the sale of the Sumner property will be paid to the General Unsecured Creditors. Additionally, for "new value" under the Absolute Priority Rule, the owner of the Debtor, Akaal Group LLC, through its sole member, Karandeep Pannu, will personally make all payments owed to the secured creditor, JP Morgan Chase, which holds a purchase money loan for the Debtor's 2022 Toyota Tacoma. Calculated from the date of filing these payments will come to more than $32,600. A full-text copy of the Second Amended Disclosure Statement dated October 1, 2025 is available at https://urlcurt.com/u?l=0s1drR from PacerMonitor.com at no charge. Counsel to the Debtor: Joy Lee Barnhart, Esq. THE LAW OFFICE OF JOY LEE BARNHART 15 South Grady Way, Suite 535 Renton, WA 98057 Tel: (425) 255-5535 Fax: (425) 255-5609 Email: joylee@joybarnhart.com About Flame LLC Flame, LLC has been in the business of interstate freight transportation. The Debtor filed a Chapter 11 petition (Bankr. W.D. Wash. Case No. 25-10193) on Jan. 24, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Christopher M. Alston oversees the case. Joy Lee Barnhart, Esq., at the Law Offices of Joy Lee Barnhart, is the Debtor's bankruptcy counsel. FLOWER APARTMENTS: Deal to Use U.S. Bank's Cash Collateral OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation between Flower Apartments, LLC and secured lender U.S. Bank National Association regarding the use of cash collateral. Under the stipulation, the Debtor is allowed to use the lender's cash collateral through December 4 in accordance with its budget, subject to a 10% variance per line item. In return, U.S. Bank will receive a monthly payment of $15,000 as adequate protection and will be granted a replacement lien on post-petition assets and debtor-in-possession accounts. The replacement lien will have the same validity, priority and extent as the lender's pre-bankruptcy lien. A failure to meet any obligation or payment under the stipulation will be considered a default, triggering an immediate cessation of the Debtor's authority to use cash collateral unless the default is cured within 10 days of notice. The Debtor's sole asset is a 36-unit apartment building located at 1420 S. Flower Street in Los Angeles. U.S. Bank, acting as trustee for the registered holders of certain Wells Fargo commercial mortgage securities, holds the first deed of trust on the property through a loan originally issued in 2017 by CBRE Capital Markets and later assigned in 2018. A copy of the court order is available at https://is.gd/ET2qac from PacerMonitor.com. About Flower Apartments LLC Flower Apartments, LLC is a Los Angeles-based real estate company that appears to own or operate an apartment property located at 1420 S. Flower Street in downtown Los Angeles. Flower Apartments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15724) on July 7, 2025. In its petition, the Debtor reportedÂ estimated assets and liabilities between $1 million and $10 million. Judge Julia W. Brand handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at Rhm Law, LLP. U.S. Bank, N.A., as secured lender, is represented by: Randye B. Soref, Esq. Tanya Behnam, Esq. 2049 Century Park East, Suite 2900 Los Angeles, CA 90067 Telephone: (310) 556-1801 Facsimile: (310) 556-1802 rsoref@polsinelli.com tbehnam@polsinelli.com FORTRESS HOLDINGS: Lender Opposes Confirmation of Ch. 11 Plan ------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that the bankrupt operator of The Chariot, a New Jersey restaurant and event venue, sought to block efforts by its primary lender to collect on outstanding debt and end the Chapter 11 case. The company argued that such action would prematurely derail its efforts to reorganize. According to the debtor, it is still working to stabilize operations and negotiate with creditors in hopes of presenting a viable restructuring plan. It contends that dismissing the case now would destroy any chance of maximizing value for stakeholders. The lender, however, argued that reorganization is unrealistic given the company's financial state and lack of available financing. It urged the court to dismiss the bankruptcy or allow it to proceed with collection efforts outside of Chapter 11. About Fortress Holdings LLC Fortress Holdings LLC, d/b/a The Chariot, is set to open a premier catering and event venue in Totowa, New Jersey, specializing in weddings and other special occasions. The venue will feature seven floors, a Kosher kitchen, and a rooftop restaurant, offering stunning views of New York City. With a capacity of over 600 people, the facility caters to large-scale events and upscale dining experiences. Fortress Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-10977) on January 30, 2025. In its petition, the Debtor reports total assets of $42,030,291 and total liabilities of $26,158,690. Honorable Bankruptcy Judge Vincent F. Papalia handles the case. The Debtor is represented by Richard D. Trenk, Esq., at TRENK ISABEL SIDDIQI & SHAHDANIAN P.C., in Livingston, New Jersey. The Debtor's accountant is VESTCORP LLC. FORTRESS INVESTMENT: Fitch Affirms BB LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Foundation Holdco LP, the parent company and successor to Fortress Investment Group LLC, and its rated subsidiaries (collectively Fortress) at 'BB'. Fitch has also affirmed FinCo I LLC's senior secured debt rating at 'BB' and Fortress' Short-Term IDR at 'B'. The Rating Outlook is Stable. Fitch has taken today's rating actions as part of a periodic peer review of the alternative investment manager (IM) industry, which is comprised of 11 publicly rated global firms. For more information on the broader sector review, please see "Fitch Ratings Completes 2025 Alternative Investment Manager Peer Review,". Key Rating Drivers Established Alternative Manager: The rating affirmation reflects Fortress' established position as a global alternative IM as well as its experienced management team, stable cash flow generation and moderate management fee exposure to net asset value (NAV). Funding, leverage and concentration constrain ratings: Rating constraints include elevated leverage, a fully secured funding profile, limited revenue diversity relative to more highly rated peers, and heightened assets under management (AUM) concentration in credit funds. Rating constraints for the industry include key person risk, which is institutionalized throughout many limited partnership agreements; reputational risk, which can affect the firm's ability to raise funds; and regulatory risk, which could alter the alternative IM industry. Macroeconomic Challenges: While the macroeconomic backdrop for alternative IMs has improved as the transaction environment has strengthened, financing markets have stabilized and inflation has moderated, the sector faces an increasingly competitive landscape, slower-than-expected investment realizations, heightened market volatility, and elevated geopolitical and trade tensions. In Fitch's view, larger and more diversified alternative IMs are better positioned to manage these challenges. Limited AUM Diversity: At June 30, 2025, Fortress had $53.1 billion in AUM, with credit private equity (PE) funds representing 75% of total AUM and 64% of management fees for the trailing 12 months (TTM) ended 2Q25. Credit hedge funds accounted for 21% of Fortress' AUM and 33% of management fees over the same period. Fortress' increased focus on credit funds has resulted in lower AUM diversity relative to alternative IM peers but is expected to benefit from favorable growth trends in the asset class. Fortress' permanent capital vehicles (PCVs) represented 2% of AUM and 3% of management fees at 2Q25, which is well below the peer group average. AUM Expected to Increase: Capital raising has slowed considerably from peak levels in 2020, with $6.3 billion of capital raised for the TTM period ended June 30, 2025 (2Q25) compared to $6.9 billion for the same period last year. Fitch expects fundraising to increase further in 2026, supported by the launch of a new fund and the introduction of three new products for its retail wealth channel. Fortress had approximately $16.7 billion of dry powder at 2Q25. Fitch expects the pace of deployment to accelerate over the next 12 months, supported by new fee-earning vehicles, and an anticipated pickup in M&A activity. Lower-Than-Peer Margins: Fitch can only approximate Fortress' fee-related EBITDA (FEBITDA) since unlike its peers, it does not explicitly assign separate compensation loads to fees and incentive income. Fitch has assumed that parts of discretionary bonuses are related to fees and the remainder to incentive income. Based on Fitch's estimate, Fortress' adjusted FEBITDA margin for the TTM 2Q25 was 33.9%, which is at the low end of Fitch's 'a' category benchmark range of 30%-50% for alternative IMs. Fitch expects the FEBITDA margin to improve over time as recently raised funds continue to deploy capital, insurance and retail wealth initiatives are scaled up, and legacy roll offs are backfilled. Elevated Leverage: Fitch estimates leverage, calculated as debt-to-FEBITDA, to be 5.5x on a 2Q25 TTM basis, down from 6.6x at 2Q24 TTM, which is within Fitch's 'bb' category benchmark range of 4.0x-6.0x for alternative IMs. Fortress continues to hold sizeable cash on its balance sheet, with net leverage of 0.7x for the 2Q25 TTM period. In addition, while Fitch gives no credit for the generation of incentive income or investment income in its calculation of FEBITDA, the agency recognizes it provides an additional cushion for debt-service capacity. Adequate Liquidity: Liquidity included $735 million in cash and $88 million available under its revolving loan facility at 2Q25, which Fitch views as adequate in the absence of any near-term debt maturities. Under its new ownership structure, Fortress has resumed cash distributions targeted at approximately 80% of pre-tax distributable earnings, subject to maintaining at least $100 million of balance sheet cash. Fortress distributed $131 million from May-December 2024, followed by $197 million in 1H25. While Fitch views the distribution policy and resumed payouts as incrementally negative for financial flexibility, any future distributions will be assessed in the context of Fortress's leverage, liquidity, and covenant headroom. Improving but Modest Coverage: Interest coverage (calculated as FEBITDA divided by interest expense) improved to 2.5x on a 2Q25 TTM basis, from 1.7x one year ago and closely aligned with the four-year historic average of 2.8x from 2021 to 2024 and within Fitch's 'bb' category benchmark range of 2.0x-4.0x. The YoY improvement reflects higher fee earnings and a lower interest burden following consecutive term loan repricings in 4Q24 and 1Q25, alongside easing base rates. With no incremental debt-raising plans and further rate cuts potential, Fitch expects Fortress' interest coverage ratio to improve further. Stable Outlook: The Stable Outlook reflects Fitch's expectations that Fortress' gross leverage will remain below 6.0x over the Outlook horizon, interest coverage and the FEBITDA margin will improve, and that the firm will maintain sufficient liquidity to meet debt service requirements. The Outlook also reflects Fitch's belief that Fortress will grow/retain FAUM through the raising of new and expansion of existing fund strategies and continued capital deployment. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained maintenance of adjusted leverage above 6.0x; - A material decline in the FEBITDA margin, approaching 10%; - Sustained maintenance of interest coverage below 2.0x; - A weaker liquidity profile, which could include a significant reduction in balance sheet cash or Fortress' contingent liquidity facility. In addition, inadequate limitations on Mubadala's ability to extract liquidity from Fortress to the detriment of its debt holders could also pressure Fortress' ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Maintenance of adjusted leverage near 4.0x; - Sustained improvement in the FEBITDA margin, approaching 35%; - Sustaining interest coverage near 4.0x; - Consistent FAUM growth; - Enhanced FAUM and revenue diversity; - Improved funding flexibility as demonstrated through access to unsecured debt and/or more diversified funding sources; - Maintenance of solid liquidity levels. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The secured debt rating is equalized with the Long-Term IDR, reflecting Fitch's expectation of average recovery prospects for the debt class in a stress scenario. A Long-Term IDR of 'BB' corresponds to a 'B' Short-Term IDR according to Fitch's "Non-Bank Financial Institutions Rating Criteria" dated January 2025. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured debt rating is expected to move in tandem with the Long-Term IDR. The Short-Term IDR is primarily sensitive to the Long-Term IDR and would be expected to move in tandem. At higher rating levels for the Long-Term IDR, the Short-Term IDR would also become sensitive to Fitch's assessment of Fortress' funding, liquidity and coverage. SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS Rated subsidiaries of Foundation Holdco LP include FinCo I LLC, which indirectly owns Fortress Investment Group LLC and is the issuer of the secured term loan. Rated subsidiaries also include FIG Parent, LLC and FinCo I Intermediate HoldCo LLC which, along with Foundation Holdco LP, serve as joint and several guarantors of the secured term loan and are shell holding companies above Fortress Investment Group LLC. The IDRs of each entity are equalized with those of Foundation Holdco LP. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The IDRs of FIG Parent, LLC, FinCo I LLC, FinCo I Intermediate HoldCo LLC and Fortress Investment Group LLC are equalized with the IDRs of Foundation Holdco LP and are therefore expected to move in tandem. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reasons: Weakest Link - Capitalization and Leverage (Negative). The Asset Performance score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (Negative) and Concentrations; asset performance (Negative). The Earnings and Profitability score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (Negative) and revenue diversification (Negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- FinCo I LLC LT IDR BB Affirmed BB ST IDR B Affirmed B senior secured LT BB Affirmed BB Foundation Holdco LP LT IDR BB Affirmed BB ST IDR B Affirmed B Fortress Investment Group LLC LT IDR BB Affirmed BB ST IDR B Affirmed B FIG Parent, LLC LT IDR BB Affirmed BB ST IDR B Affirmed B FinCo I Intermediate HoldCo LLC LT IDR BB Affirmed BB ST IDR B Affirmed B FOUNDATION FOR INDIANA: S&P Affirms 'B' Rating on 2007A Rev. Bond ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B' underlying rating (SPUR) on Pennsylvania Higher Educational Facilities Authority's series 2007A (phase II) revenue bonds issued for the Foundation for Indiana University of Pennsylvania (FIUP). The outlooking is stable. S&P said, "We analyzed FIUP's environmental, social, and governance credit factors pertaining to its market position, management and governance, and financial performance. We believe there is elevated risk due to demographic challenges in Pennsylvania that led to significant enrollment decreases for many years prior to fall 2023. Although demographics for college students may remain stable in the near term, we expect there will continue to be challenges, given the significant competition to recruit students within the state. We view environmental and governance credit factors as neutral in our credit rating analysis. "The stable outlook reflects our opinion that over the next year, the project will be able to make all debt service payments with minimal draws on the DSRF. We expect demand will continue to be pressured and coverage will be near or just below 1.0x but that reserves will remain consistent with the 'B' rating." Credit factors that could lead to a lower rating include any acceleration of the bonds, which would lead to a default; coverage consistently below 1.0x; or further deterioration of reserves that the project is unable to replenish. S&P could consider a positive rating action if the project increases occupancy, operates above break-even annually, and maintains similar reserve levels. FOUR PALMS: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Four Palms Investments, Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use the cash collateral of lenders. The lenders include First National Bank of Pasco, Credibly of Arizona, LLC, Lifetime Funding, LLC, Corporation Service Company, CT Corporation Systems as representative, and the U.S. Small Business Administration. The interim order authorized the Debtors to use cash collateral to pay the amounts expressly authorized by the court, including interim compensation to the Subchapter V trustee; the expenses set forth in the budgets, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by lenders. This authorization will remain in effect until further order of the court. The Debtors' four-week budget projects total operational expenses of $16,963.50 for the first week; $17,411.50 for the second week; $18,056.50 for the third week; and $19,206.50 for the fourth week. As adequate protection, creditors with security interests will be granted replacement liens of equal priority and validity to their pre-bankruptcy liens. In addition, the interim order required the Debtors to maintain insurance and provide lenders with access to records as further protection. The Debtors may collect all accounts receivable, including funds from Shopmonkey and Stripe, and such collections will be treated as cash collateral. The next hearing is scheduled for November 4. About Four Palms Investments Inc. Four Palms Investments Inc., incorporated in 2018 and based in the Tampa Bay area, manages business holdings as the group's investment arm. Four Palms Investments Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06972) on September 23, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Amy Denton Mayer, Esq. of BERGER SINGERMAN LLP. FREE SPEECH: Jones Asks High Court to Pause Defamation Ruling ------------------------------------------------------------- Law360 and NBC News report that Infowars host Alex Jones has asked the U.S. Supreme Court to suspend enforcement of a Connecticut court's $1.4 billion judgment awarded to the families of the Sandy Hook Elementary School shooting victims. Jones said the massive defamation award should be put on hold while the justices consider his petition for review. His lawyers argued that the judgment threatens to permanently destroy his media operation. In his filing, Jones argued that enforcing the judgment now would cause him irreparable harm, given his ongoing appeals and limited financial resources. He asserted that granting a stay would serve the public interest and ensure fairness, maintaining that the penalties imposed against him are disproportionate and raise serious legal concerns, according to report. The request comes as Jones faces the potential loss of InfoWars to The Onion, a satirical news organization seeking to acquire the website as part of court-ordered efforts to satisfy the damages owed to Sandy Hook families. Jones' filing warned that without the Supreme Court's intervention, "InfoWars will have been acquired by its ideological nemesis and destroyed," according to NBC News The families of the 20 children and six adults killed in the 2012 shooting won the multibillion-dollar award in Connecticut state court after Jones repeatedly denied the tragedy's authenticity. Jones, through his company Free Speech Systems, has since lost his appeals and turned to bankruptcy court for relief, the report states. His lawyers noted that The Onion previously bid unsuccessfully for InfoWars in bankruptcy proceedings but is pursuing a new attempt in Texas state court. The Supreme Court is slated to review Jones' request for a stay during its private conference on October 10, 2025, the report relays. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FRONTLINE MEDICAL: Court Affirms Subchapter V Plan Confirmation --------------------------------------------------------------- In the appeal styled BUSCH LAW FIRM, LLC, Appellant, v. FRONTLINE MEDICAL SERVICES LLC, Appellee, BAP No. CO-25-009, Judges William T. Thurman, Dale L. Somers and Sarah A. Hall of the United States Bankruptcy Appellate Panel of the Tenth Circuit affirmed the order of the United States Bankruptcy Court for the District of Colorado that confirmed Frontline Medical Services, LLC's Second Amended Subchapter V Plan of Reorganization. This appeal presents another chapter in debtor Frontline Medical Services LLC's efforts to reorganize. Previously, the Tenth Circuit Bankruptcy Appellate Panel reversed the Colorado Bankruptcy Court's confirmation order and remanded to the Bankruptcy Court for further findings. On remand, the Bankruptcy Court reviewed the record and determined that Appellee's proposed plan of reorganization was feasible. The Bankruptcy Court then entered Additional Findings of Fact and Conclusions of Law and confirmed Appellant's Second Amended Subchapter V Plan of Reorganization over creditor Busch Law Firm, LLC's continued objection. Appellant now appeals the Remand Findings on both procedural and substantive grounds. In the Appellant's first appeal ("Frontline I"), the BAP held that the Bankruptcy Court made no error when it determined that Appellee did not file its bankruptcy petition in bad faith. The BAP further held that the Bankruptcy Court did not abuse its discretion in denying Appellant's then-pending motion to dismiss. The BAP did, however, reverse the First Confirmation Order on the sole ground that the Bankruptcy Court did not apply the correct legal standard in analyzing feasibility for a nonconsensual plan proposed under subchapter V. The BAP explained that the Bankruptcy Court erred when it made no specific findings [as to the feasibility of Appellee's proposed plan] under either Sec. 1191(c)(3)(A) or Sec. 1191(c)(3)(B). The BAP remanded this issue to the Bankruptcy Court for further findings consistent with its opinion. The BAP issued the Remand Order on December 26, 2024. On February 24, 2025, the Bankruptcy Court entered the Remand Findings. In the Remand Findings, the Bankruptcy Court incorporated its prior findings of fact and conclusions of law from the First Confirmation Order and made additional findings and conclusions as to 11 U.S.C. Secs. 1191(c)(3)(A) and (c)(3)(B). The Bankruptcy Court analyzed the statutory requirements of Sec. 1191(c)(3)(A) and concluded that Frontline satisfied its burden of proving it will be able to make all payments under the Plan. Appellant complains the Bankruptcy Court did not hold additional hearings or solicit additional briefs from the parties after Frontline I. It contends this failure to hold additional proceedings is a reversible error for noncompliance with the BAP's Remand Order. Appellant also contends that the Bankruptcy Court made a reversable substantive error when it determined that the Plan is feasible despite failing to consider additional facts and draw conclusions from them. The panel holds, "The Bankruptcy Court complied with the BAP's Remand Order in Frontline I. On remand, the Bankruptcy Court made its Remand Findings based on sufficient evidence already received during the hearing on plan confirmation, made an analysis of such evidence under the applicable feasibility standards under Sec. 1191(c)(3), and concluded the Plan was feasible and confirmed the Plan. Therefore, the Bankruptcy Court did not err or abuse its discretion in re-confirming Appellee's Plan. The Bankruptcy Court's Remand Findings are accordingly affirmed." A copy of the Court's Opinion is available at https://urlcurt.com/u?l=W5KluF About Frontline Medical Services Frontline Medical Services, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-13411) on Sept. 6, 2022, with between $100,001 and $500,000 in both assets and liabilities. Joli A. Lofstedt serves as Subchapter V trustee. Judge Kimberley H. Tyson oversees the case. Steven T. Mulligan, Esq., at Coan, Payton & Payne, LLC, is the Debtor's counsel. GAMIL EDHAH: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Gamil Edhah LLC 6005 5th Avenue Brooklyn NY 11220 Business Description: Gamil Edhah LLC owns a property at 6005 5th Avenue in Brooklyn, New York, with an estimated value of $1.8 million. Chapter 11 Petition Date: October 6, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-44837 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Michael L. Walker, Esq. THE LAW OFFICE OF MICHAEL L. WALKER, ESQ., PLLC 9052 Fort Hamilton Pkwy Brooklyn NY 11209 Tel: 718-680-9700 Email: mwalker@michaelwalkerlaw.com Total Assets: $1,800,000 Total Liabilities: $1,264,838 The petition was signed by Gamil S. Edhah as authorized representative of the Debtor. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CA5MC7Y/GAMIL_EDHAH_LLC__nyebke-25-44837__0001.0.pdf?mcid=tGE4TAMA GBOGBARA INC: Section 341(a) Meeting of Creditors on November 3 --------------------------------------------------------------- On October 3, 2025, Gbogbara Inc.filed Chapter 11 protection in the Eastern District of Michigan. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 3, 2025 at 10:00 AM via Zoom - Shapiro: Meeting ID 757 223 9121, Passcode 8252404297, Phone 1 947 214 5398. About Gbogbara Inc. Gbogbara Inc., doing business as King Pharmacy, operates an independent pharmacy at 12871 E Jefferson Ave in Detroit, Michigan, providing prescription services, health consultations, and wellness products. Gbogbara Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49970) on October 3, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mark A. Randon handles the case. The Debtor is represented by Alexander J. Berry-Santoro, Esq. at MAXWELL DUNN PLC. GENESIS HEALTHCARE: Halts Litigation Against Owners, Workers ------------------------------------------------------------ Dietrich Knauth of Reuters reports that the U.S. Bankruptcy Judge Stacey Jernigan granted Genesis Healthcare's request to suspend wrongful death and malpractice lawsuits against its affiliates, shareholders, and staffing agencies, finding that ongoing litigation could derail the company's restructuring and sale. The decision, issued in Dallas, overruled objections from 14 plaintiffs who had filed personal injury and wrongful death claims against the healthcare provider, according to the report. Judge Jernigan said the costs of defending the lawsuits could force Genesis into complete shutdown, threatening care for thousands of patients across 175 nursing and assisted living facilities in 18 states. The company filed for bankruptcy on July 9, 2025 with debts exceeding $2.3 billion and faces more than 200 pending lawsuits. Counsel for Genesis argued that pausing the litigation is necessary to preserve value for creditors and maintain patient care. Before bankruptcy, Genesis was reportedly spending around $8 million per month to handle tort litigation. Attorneys for the claimants countered that investors and physicians responsible for malpractice should still face accountability, according to report. The case has drawn attention from federal lawmakers, including Senator Elizabeth Warren, who questioned the role of private equity owners in the company's financial collapse. Warren warned that those responsible for the debt-driven strategy that led to bankruptcy could regain control of Genesis, the report states. The case is Genesis Healthcare Inc., No. 25-80185, in the U.S. Bankruptcy Court for the Northern District of Texas. About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. The U.S. Trustee for Region 11 appointed Michael Bubman of BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC and Peter Gudaitis of Aculabs, Inc., as additional members of the official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel. GENESIS HEALTHCARE: Whitaker Represents Nursing Home Patients ------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Genesis Healthcare Inc. and its debtor-affiliates, Whitaker Chalk Swindle & Schwartz PLLC filed with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court that the law firm represents: 1. one personal injury claimant, Phillip Miles, and 2. six Wrongful Death Claimants, Todd Lopez, as Personal Representative of the Wrongful Death Estate of Therese G. Padilla, Todd Lopez, as Personal Representative of the Wrongful Death Estate of Regina Suazo, Callie Avant, as Personal Representative of the Estate of Leonard P. Taylor, Christopher Templeman, as Personal Representative of the Wrongful Death Estate of Ernestine Pedro, Christopher Templeman, as Personal Representative of the Wrongful Death Estate of Julia Marquez, and Kristina Martinez, as Personal Representative of the Wrongful Death Estate of Denise Madrid Garcia. Whitaker Chalk assures the Court that the firm only represents the Claimants and does not represent any other entities in the Debtors' jointly administered bankruptcy cases. Whitaker Chalk recounts that it was engaged by the law firm of Egolf + Ferlic + Martinez, LLC on July 17, 2025, to represent Todd Lopez, as Personal Representative of the Wrongful Death Estate of Therese Padilla, and Todd Lopez as Personal Representative of the Wrongful Death Estate of Regina Suazo. Whitaker Chalk was engaged by the law firm of Atkins & Walker, PA on August 27, 2025, to represent Phillip Miles, Christopher Templeman, as Personal Representative of the Wrongful Death Estate of Ernestine Pedro, Christopher Templeman, as Personal Representative of the Wrongful Death Estate of Julia Marquez, and Kristina Martinez as Personal Representative of the Wrongful Death Estate of Denise Madrid Garcia. Whitaker Chalk was engaged by the Golden Law Office on August 27, 2025, to represent Callie Avant, as Personal Representative of the Estate of Leonard P. Taylor. Each of the Claimants was a patient or resident at a nursing home or rehabilitation facility owned by the Debtors and suffered personal injury or wrongful death due to malpractice or neglect. Whitaker Chalk tells the Hon. Stacey G. C. Jernigan that the Claimants have filed timely Proofs of Claim. According to Whitaker Chalk, each Claimant is an unsecured creditor. Most of the claims are unliquidated, except that Phillip Miles has a settlement agreement under which certain Debtors agreed to pay him $275,000. The settlement amount was agreed to pre-petition, but the Debtors did not pay the settlement amount before the Petition Date. In certain of the Proof of Claims, the Claimants have provided estimates of what they believe their claims to be worth. Other claims are wholly unliquidated, with the claim amounts listed as "unknown." Whitaker Chalk may be reached at: Robert A. Simon, Esq. 301 Commerce Street, Suite 3500 Fort Worth, TX 76102 Tel: (817) 878-0543 Fax: (817) 878-0501 E-mail: rsimon@whitakerchalk.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group thatprovides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: -- Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. -- Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls She is represented by Kane Russell Coleman Logan PC as counsel. -- Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GLASS MANAGEMENT: Court Extends Cash Collateral Access to Oct. 31 ----------------------------------------------------------------- Glass Management Services, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of Old National Bank. The Debtor was authorized to use cash collateral until October 31 to pay the expenses set forth in its budget, plus an amount not to exceed 10% for each line item The Debtor projects total operational expenses of $203,792.61. Old National Bank's interest in the assets will be protected by replacement liens on post-petition assets, according to the interim order penned by Judge Janet Baer. The bank will also be granted a superpriority administrative expense claim in case of diminution in value of its collateral and will continue to receive monthly payments of $30,000 from the Debtor, which the bank can automatically debit from the Debtor's account. The monthly payments started in December last year. As further protection, the Debtor was ordered to keep the bank's collateral insured. The next hearing is scheduled for October 29. Old National Bank is the holder of two loans made to the Debtor. The loans are secured by a first priority security interest over all business assets of the Debtor granted to the bank. As of September 25, 2024, the balance due in the aggregate against each of the loans was not less than $4,046,480.56. About Glass Management Glass Management Services, Inc. is a construction contractor based in Illinois, specializing in glazing services. Established with a focus on high-profile projects, the company has been involved in significant developments, including the Obama Presidential Library, Terminal 5 at O'Hare Airport, and multiple Chicago Public Schools and CTA transit stations. Glass Management Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with $3,029,997 in assets and $11,989,444 in liabilities. Ernest B. Edwards, president of Glass Management Services, signed the petition. Judge Janet S. Baer presides the case. David P. Leibowitz, Esq., at Leibowitz, Hiltz & Zanzig, LLC is the Debtor's legal counsel. Old National Bank, as secured creditor, is represented by: Adam B. Rome, Esq. Greiman, Rome, & Griesmeyer, LLC 205 W. Randolph St., Ste. 2300 Chicago, IL 60606 Phone: 312-428-2750 arome@grglegal.com GOAT HOLDCO: S&P Affirms 'B' ICR on Credit-Neutral Spin-Off ----------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Goat Holdco LLC (doing business as Barnes Group). S&P said, "At the same time, we affirmed our 'B' issue-level rating on the company's revolving credit facility and senior secured term loan and notes. The recovery rating is '4', reflecting average (30%-50%, rounded estimate: 35%) recovery in a hypothetical default scenario. "The stable outlook reflects our view that Barnes is well-positioned to benefit from strong demand within the A&D segment, specifically the ramp up from original equipment manufacturers (OEMs) in new aero engines to support deliveries, as well as continued robust demand for component repair services and spare parts for an aging fleet that continues to see high utilization." Barnes Group announced its intention to spin-off its industrials segment. S&P expects the separation to be completed by the end of 2025. The loss of scale and end-market diversity of the industrials segment is somewhat counterbalanced by likely benefits to the aerospace and defense (A&D) segment's already high-margin business line and improving cash flow, which will be adequate to support the existing capital structure and thus broadly neutral on our rating. S&P said, "The separation of the industrials segment is largely neutral to our rating. Barnes' aerospace business has stronger margins and growth characteristics than the industrial segment, and we view the separation as improving the company's strategic focus. The spin-off will initially result in reduced earnings and cash flow, as well as scale and end-market diversity. The company will receive proceeds of approximately $360 million as result of the transaction and we assume that Barnes will allocate a portion of the funds to repay debt or fund acquisitions or distributions to shareholders." Barnes is well-positioned to benefit from strong market tailwinds driving stronger volumes in new aero engines, as well as demand in component repair and spare parts for aging engine platforms that are widely used and have high levels of utilization, such as the CFM56 and V2500. The company's position as a key supplier across most platforms from all three major engine OEMs and its meaningful installed base will drive top-line growth over the medium term. Backlogs at the OEM level will support revenue growth for the aerospace and defense business at least the next couple of years. S&P expects top-line growth of 12.5%-17.5% in 2025 and 2026. S&P said, "We expect leverage to be elevated at 7.00x-7.25x at year-end 2025, before gradually improving to 6.75x-7.0x in 2026. Additionally, we forecast funds from operations (FFO) to debt to remain constrained at 5%–10% through 2026, reflecting ongoing balance sheet pressure post-separation. "We expect strong demand to expand EBITDA margin and improve cash flow. We project that air travel will remain resilient, with rising flight hours driving strong demand for aftermarket component repair, and overhaul (CRO) services. Barnes is actively scaling its aeroengine production volumes to meet this demand and is securing steady new business through long-term contracts that provide revenue visibility and stability. Its top three customers--collectively accounting for between 60% - 65% of revenue--are experiencing robust end-market demand, further reinforcing Barnes' growth outlook. Taken together, these factors position the company to benefit from sustained momentum across both OEM and aftermarket aerospace segments. "Building on this strong demand growth, Barnes is also targeting operational efficiency initiatives. We expect these efforts, combined with volume expansion, will underpin moderate EBITDA margin growth through 2025 and 2026. Notably, the company's S&P adjusted margins already exceed industry averages for A&D peers, reflecting strong operational leverage and disciplined cost management. As a result, we forecast S&P adjusted EBITDA margins to remain meaningfully above industry averages for 2025 and 2026. "We expect the company to maintain an aggressive financial policy. Following the separation, we forecast that Barnes will generate modest free cash flow, with the expectations that funds are primarily allocated toward bolt-on acquisitions and shareholder returns. The company expects to receive a cash inflow of approximately $360 million from the separation. We assume that Barnes uses a portion of these proceeds to reduce debt, fund acquisition or shareholder distributions. The balance provides the company with the flexibility to pursue strategic acquisitions aimed at expanding its operational scale. We anticipate that financial policies that prioritize shareholder returns will result in credit measures consistent with high-leveraged levels. "The stable outlook reflects our expectation that credit metrics will improve to levels appropriate for the rating over the next 12 months. We expect Barnes' aero segment to continue to perform well as engine OEMs ramp up production and the aftermarket business lines continue to benefit from high utilization, Given the robust demand across A&D end markets, we expect the margin expansion to drive credit metric improvement, resulting in leverage levels to fall below 7.0x by 2026." S&P could lower its rating on Barnes, over the next 12 months, if debt to EBITDA sustains over 7.0x and we do not see a clear path to deleveraging. This could occur due to: -- A slower-than-anticipated ramp in OEM production rates; -- Aftermarket demand within A&D declines due to lower air travel volume; or -- A financial policy more aggressive than we anticipate, such that the company pursues sizable debt-funded acquisitions or dividends. Though unlikely, S&P could raise its rating on Barnes over the next 12 months if debt to EBITDA falls below 5.0x and S&P believes leverage will remain at such level. This could occur if: -- Demand for aftermarket parts and services has a significant boost; -- The company allocates FOCF toward debt paydown faster than anticipated; and -- The financial sponsor commits to a more moderate financial policy. GOBLYN HEAD: Melissa Haselden Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Goblyn Head Press, Inc. Ms. Haselden will be paid an hourly fee of $595 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Goblyn Head Press Inc. Goblyn Head Press, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-80471) on September 30, 2025, with up to $50,000 in assets and liabilities. Judge Alfredo R. Perez presides over the case. Kimberly Anne Bartley, Esq., at Waldron & Schneider, L.L.P. represents the Debtor as legal counsel. GRANT PARK: Retains Edward Izzi & Associates as Accountants ----------------------------------------------------------- Grant Park Packing Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Edward D. Izzi and the accounting firm of Edward Izzi & Associates, Ltd. to serve as accountants in its Chapter 11 case. Mr. Izzi and his firm will provide these services: (a) preparation of payroll; (b) payment of payroll and sales taxes; (c) preparation and filing of federal and state tax returns; (d) preparation of monthly operating reports; and (e) assistance in winding down the Debtor's business operations, as may be necessary herein. Edward Izzi & Associates, Ltd. will receive an initial $5,000 retainer upon court approval, and subsequent monthly retainers of $2,800 covering 16 hours of services per month. According to court filings, neither Edward D. Izzi nor Edward Izzi & Associates, Ltd. hold or represent an interest adverse to the Debtor or the estate and are considered "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Edward Izzi & Associates, Ltd. 3434 Runge St. Franklin Park, IL 60131 About Grant Park Packing Company Founded in 1974 and still family-owned, Grant Park Packing Company, Inc. operates one of Chicago's last fully functioning pork packing plants in the heart of Fulton Street Market, processing thousands of whole hogs daily. The federally inspected facility distributes fresh pork, beef, lamb, goat, poultry and processed meats at wholesale prices to restaurants, retailers and individual customers throughout the Chicago area and beyond. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11968) on August 5, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Lucia Maffei, secretary, signed the petition. Judge Jacqueline P. Cox presides over the case. David Herzog, Esq. at DAVID HERZOG represents the Debtor as legal counsel. GRANT PARK: Taps the Law Office of David R. Herzog as Counsel ------------------------------------------------------------- Grant Park Packing Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire David R. Herzog of the Law Office of David R. Herzog, LLC to serve as legal counsel in its Chapter 11 case. Mr. Herzog will provide these services: (a) give the Debtor legal advice with respect to its duties, powers, and responsibilities as a debtor-in-possession; (b) assist the Debtor in the negotiation, formulation, and drafting of a plan of reorganization; (c) appear for, prosecute, defend, and represent the Debtor's interests in matters arising in or related to this case; (d) prepare all necessary pleadings, orders, applications, reports, and other legal papers as may be necessary in connection with this case; and (e) perform such other legal services as may be required. According to court filings, Mr. Herzog is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: David R. Herzog, Esq. LAW OFFICE OF DAVID R. HERZOG, LLC 53 W. Jackson Blvd., Suite 1442 Chicago, IL 60604 Telephone: (312) 977-1600 E-mail: drh@dherzoglaw.com About Grant Park Packing Company Founded in 1974 and still family-owned, Grant Park Packing Company, Inc. operates one of Chicago's last fully functioning pork packing plants in the heart of Fulton Street Market, processing thousands of whole hogs daily. The federally inspected facility distributes fresh pork, beef, lamb, goat, poultry and processed meats at wholesale prices to restaurants, retailers and individual customers throughout the Chicago area and beyond. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11968) on August 5, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Lucia Maffei, secretary, signed the petition. Judge Jacqueline P. Cox presides over the case. David Herzog, Esq. at DAVID HERZOG represents the Debtor as legal counsel. GREAT EASTERN: Court OKs Water Craft Sale to KA Marine for $500 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, has permitted Great Eastern Group Inc. to sell Ming Hai Water craft in a private sale, free and clear of liens, claims, interests, and encumbrances. The Ming Hai is a 1969 Chinese style wooden sailboat. Its condition has deteriorated and it is not presently seaworthy. Most recently, GEG was made aware of water intrusion caused by leaks in protective shrink wrap, damaged and open planks, and bilge pump failures. Photos of the present condition of the Ming Hai. Presently, the Ming Hai represents a significant risk of loss and increased liabilities and will not be a meaningful source of recoveries. The Court has authorized the Debtor to sell the Ming Hai water craft to KA Marine LLC in the purchase price of $500. The buyer, KA Marine LLC is a good faith purchaser and the amount of $500.00 is reflective of the market value of the Ming Hai in its current condition. The offer by the Buyer to purchase the Ming Hai is the highest and best offer and represents fair and adequate consideration for the Ming Hai. The Debtor’s largest unsecured creditor, Gulfmark America's Inc., filed no objection to the Motion; Buyer has inspected the Ming Hai and acknowledges that Buyer is fully aware of the vessel's present condition and that all inspections have been completed to the satisfaction of the Buyer. The Buyer agrees to take on any liability of and associated with the Ming Hai, including but not limited to any costs, expenses, invoices or work orders incurred prior to closing. The Buyer will accept physical possession, ownership and control of the Ming Hai within three calendar days of the entry of the order authorizing sale; The Purchase Price includes reasonably equivalent and fair market value for the Debtor's interest in the Ming Hai under the Bankruptcy Code and applicable non-bankruptcy law. About Great Eastern Group Inc. Great Eastern Group Inc. provides engineering services. The Company specializes in submarine telecommunications, marine, environmental, and alternative energy engineering services. Great Eastern Group serves government and commercial sectors in the States of Florida, Rhode Island, Washington, and Virginia. Great Eastern Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15582) on June 4, 2024. In the petition signed by Virginia J. Hoffman, as president, the Debtor reports total assets of $1,587,987 and total liabilities of $13,552,66. Bankruptcy Judge Scott M. Grossman oversees the case. Brett Lieberman, at EDELBOIM LIEBERMAN PLLC, is the Debtor's counsel. GREEN COPPERFIELD: Claims to be Paid from Business Income --------------------------------------------------------- Green Copperfield LLC d/b/a Trailer King Builders filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated October 1, 2025. The Debtor is a Texas limited liability company formed to manufacture, repair, and service food trucks and trailers in the Houston area. The Debtor was formed on December 4, 2017. The Debtor's income is derived from its ongoing business operations, which will be used to fund this plan of reorganization. Patrick Bolanos (50% owner) and Ramiro Gonzalez (25% owner), principals of the Debtor, are proposed to remain in this capacity following confirmation of the Plan, and the Debtor is to remain in legal existence. The Debtor and (current) partner Roy Alba (25% owner) intend to part ways, with Roy Alba's share being conveyed to the Debtor. The Debtor's financial projections will show that the Debtor will have projected disposable income of at least $100,000 per year, or $500,000 over five years. As such, the sum of $25,000 per quarter will be deposited into a segregated account for payment of Class 3 claims over time on a pro rata basis. The Plan is filed under chapter 11 of the Bankruptcy Code (and proposes to pay creditors of the Debtor from cash flow from future business operations following confirmation of the Plan. This Plan provides for full payment of administrative expenses and priority tax claims on or before the Effective Date. This Plan provides for the auction of liened property and/or reinstatement to satisfy secured claims, with any undersecured portion of such claim to be bifurcated and treated as a general non-priority unsecured claim. Class 3 consists of Nonpriority non-insider unsecured creditors. Each holder of a Class 3 non priority unsecured claim shall be entitled to a pro rata share of the funds available in the segregated account available on the later of the Effective Date and the date on which such claim is allowed by a final non appealable order, until such holder's allowed claim is paid in full (with such segregated account being funded with $25,000 per quarter of the Debtor's disposable income). If the holder's allowed claim is not fully satisfied by this distribution, such holder shall be entitled to distributions of the Debtor's disposable business income under the Plan from future income of the Debtor's business over a span of five years in accordance with the Code until such claim is paid in full, or until the cessation of such distributions. Class 4 consists of Nonpriority insider unsecured creditors. Holders of Class 4 non-priority insider claims shall receive nothing on account of their claims. Equity holders of the Debtor shall retain their interests in the Debtor, except that Roy Alba shall relinquish his equity interests and such interests shall be conveyed to the Debtor, leaving Patrick Bolanos and Ramiro Gonzalez as the sole principals of the reorganized Debtor. The Plan will be funded by future business income of the Debtor over a period of five years in accordance with the Code. A full-text copy of the Plan of Reorganization dated October 1, 2025 is available at https://urlcurt.com/u?l=SkR7Us from PacerMonitor.com at no charge. The Debtor's Counsel: Bennett G. Fisher, Esq. LEWIS BRISBOIS 24 Greenway Plaza 1400 Houston TX 77046 Tel: (713) 659-6767 E-mail: bennett.fisher@lewisbrisbois.com About Green Copperfield LLC Green Copperfield, LLC, doing business as Trailer King Builders, designs, manufactures, and modifies custom food trucks and concession trailers. Green Copperfield sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-33860) on July 1, 2025. In its petition, the Debtor reported total assets of $135,933 and total liabilities of $3,764,017. Judge Jeffrey P. Norman handles the case. The Debtor is represented by Bennett G. Fisher, Esq., at Lewis Brisbois. GRUBHUB HOLDINGS: Moody's Affirms 'B3' CFR, Outlook Stable ---------------------------------------------------------- Moody's Ratings affirmed Grubhub Holdings Inc.'s (Grubhub) B3 Corporate Family Rating and B3-PD Probability of Default Rating and assigned a B3 rating to Grubhub's new guaranteed senior secured global 13% PIK notes due 2030 (PIK Notes) issued in exchange for the existing senior unsecured notes due 2027. The outlook remains stable. Moody's withdrew the B3 rating on the senior unsecured notes due 2027 after the exchange was completed and the remaining unexchanged stub subsequently redeemed. The rating actions are prompted by Grubhub's debt exchange and a recent ramp up in investment spending that aims to reverse a trend of declining order volumes and revenue with return to growth in 2026. On September 24, Grubhub completed the exchange of its $500 million 5.5% guaranteed senior unsecured notes due July 2027 for $554 million guaranteed senior secured PIK notes due July 2030 (PIK Notes). The transaction extended debt maturity with only a modest increase in cash interest over the next 12-18 months and raised additional liquidity in support of its growth investment strategy. However, total interest expense will increase materially given the large non-cash interest component in the PIK Notes. The rating actions also consider the company's shift in growth strategy that caused a deterioration in credit metrics and liquidity in the first half 2025. Following $54 million in incremental discretionary Q2 investments, negative free cash flow was $60 million (LTM June 2025) and Moody's adjusted leverage increased to 8.3x at the end of Q2 2025 from 5.6x at the end of 2024. Moody's estimates that annual EBITDA will drop below $20 million and negative free cash flow of approximately $140 million in calendar 2025. The new growth strategy will weaken credit metrics further in 2025 and it will take time to evaluate the return on these investments. Though Moody's expects an improvement in order and revenue growth in 2026, the sustainable profitability of the business and the effect of a potential dial down of these growth investments remains unclear given tough competition and low switching costs in food delivery. Grubhub will rely on external funding and support from its parent, Wonder Group, Inc., (Wonder) to pursue its growth plans. Integral to Moody's credit thesis is Moody's views that due to the strategic value of Grubhub to Wonder, Wonder will continue to provide implicit and contractual support over the next 12-18 months as Grubhub continues to invest. The amended intercompany revolver agreement provides for $50 million of initial liquidity support (fully drawn at June 30, 2025). The PIK Notes and the amended intercompany revolver include covenants obligating Wonder to increase the size of the commitment if certain requirements are met. Wonder will be required to increase the intercompany revolver to $100 million from $50 million if gross transaction volume (GTV) is negative on a trailing 12-month basis, starting with year-end 2026. Grubhub cannot pay back or reduce the loan until its GTV is positive for 12 months at each quarter end date. If GTV is negative by less than 5%, the $100 million shall only be available and not subject to any mandatory drawdown by Grubhub. If GTV is negative by 5% to 10%, Grubhub must draw half of the undrawn amount and if GTV is negative by more than 10%, Grubhub has to draw all available funds from the revolver. Also, pursuant to the new guaranteed senior secured notes indenture and the amended revolver agreement, if Grubhub misses an interest payment, Wonder will fund it, increasing the intercompany loan facility amount, and repayments stay restricted until GTV turns positive. The management of Wonder has informed us that Wonder has the ability to support Grubhub's liquidity needs over the next 12-18 months. RATINGS RATIONALE Grubhub's B3 CFR continues to reflect declining revenue and transaction volume trends, heightened regulatory scrutiny of the online food delivery industry and high funding needs to support its growth initiatives over the coming 12-18 months. Grubhub operates in the intensely competitive online food ordering and delivery industry, which has low switching costs for diners and restaurants alike. Grubhub's credit quality benefits from its solid operating scale and strong market positions in certain large urban markets, including Manhattan. If Grubhub's investment strategy is successful, Moody's expects declining revenue trends to reverse in 2026 and leverage to start declining to a 5x-8x range on Moody's adjusted basis with improving but still negative free cash flow next year. While Moody's expects capital intensity to moderate in 2026, competitive pressure could make capital spending meaningfully higher than Moody's current forecast. Moody's views Grubhub's liquidity as weak over the next 12-18 months given reliance on external sources of funding to support its investment strategy. For external financing, Grubhub relies on a $50 million intercompany revolver with Wonder, maturing in October 2030, with interest payable in PIK only. Amended in connection with the debt exchange transaction, the revolver was fully drawn at the end of Q2 2025. Moody's expects a balance of at least $50 million to remain outstanding over the coming year. Moody's expects Grubhub to seek additional third party financing or financing from Wonder to achieve its growth objectives. Grubhub had $49 million of cash at quarter ended June 2025, which is below its restaurant liability obligations (payments due to restaurants estimated at around $120 million). Moody's expects the company's free cash flow (defined as CFO less capex) to be negative $140 million in 2025. The B3 senior secured notes rating reflects the probability of default of Grubhub (B3-PD probability of default rating), an average expected family recovery rate of 50% in a default scenario and a preponderance of secured debt in the Grubhub's capital stack, ahead of the intercompany revolving facility (unrated). The intercompany revolver is unsecured and expressly subordinated in right of payment to the notes; therefore, Moody's rank it below the notes in Moody's liability waterfall. While Moody's expects free cash flow to weaken and financial leverage to increase over the remainder of 2025, the stable outlook reflects Moody's views that this deterioration is temporary and that Grubhub will obtain needed financial support from Wonder. Moody's also expects that Grubhub will show improving leverage in 2026, with an expectation of positive free cash flow generation as heavy discretionary investments are dialed down. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given execution risks associated with Grubhub's investment strategy over the coming year, an upgrade is unlikely over the next 12 to 18 months. Moody's could upgrade Grubhub's rating over time if the company shows sustained strong organic revenue growth, reduces leverage to under 5x on Moody's-adjusted basis, sustains free cash flow in the mid single digits of total adjusted debt and maintains good liquidity. The ratings could be downgraded if the financial strength of Wonder declines, Moody's assessments of implied or contractual support provided by Wonder declines, or Grubhub's revenue and EBITDA improvements do not materialize. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Grubhub is a provider of online and mobile platform for restaurant pick-up and delivery orders and offers delivery services to restaurants. Grubhub reported $1.56 billion in revenue as of the latest twelve months ending June 2025. Grubhub is a wholly owned subsidiary of Wonder. GUNNISON VALLEY: Employs Keen-Summit as Real Estate Broker ---------------------------------------------------------- Gunnison Valley Properties LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Keen-Summit Capital Partners LLC as real estate advisor, marketing agent, and broker in its Chapter 11 case. Keen-Summit will perform these services: (a) review pertinent documents and consult with the Debtor's counsel, as appropriate; (b) coordinate with the Debtor regarding the development of due diligence materials; (c) host a data room for interested parties; (d) develop, subject to the Debtor's review and approval, a marketing plan and implement it; (e) communicate regularly with prospects and maintain a record of communications; (f) solicit offers for a transaction; (g) present all offers for a transaction to the Debtor; (h) assist the Debtor in evaluating, structuring, negotiating, and implementing proposed transactions; (i) develop and implement, subject to review and approval, an auction plan, including arranging logistics, assisting with bid procedures, qualifying bidders, and running the auction; (j) communicate regularly with the Debtor and its professional advisors regarding the status of efforts; and (k) work with the Debtor's attorneys in implementing proposed transactions, reviewing documents, negotiating, and assisting in resolving any issues. Keen-Summit will receive a Transaction Fee equal to 5% of the gross proceeds from each transaction, or 4% if the winning bidder is one of the parties listed on Schedule C. (Section III(B)(1) of the Retention Agreement) If no Transaction Fee is earned, Keen-Summit will be entitled to a Minimum Fee of $150,000. The firm will also be reimbursed for reasonable out-of-pocket expenses and marketing costs not exceeding $25,000 without prior written approval. According to court filings, Keen-Summit Capital Partners LLC does not hold or represent an interest adverse to the Debtor or the estate and is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew Bordwin Keen-Summit Capital Partners LLC 1 Huntington Quadrangle, Suite 2C04 Melville, NY 11747 Telephone: (646) 381-9202 E-mail: mbordwin@Keen-Summit.com About Gunnison Valley Properties Gunnison Valley Properties LLC in Louisville, Colo., sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15052) on Aug. 28, 2024, listing $50 million to $100 million in assets and $10 million to $50 million in liabilities. Byron Chrisman, manager, signed the petition. Judge Joseph G. Rosania Jr. oversees the case. Onsager | Fletcher | Johnson | Palmer LLC serves as the Debtor's legal counsel. HALL OF FAME: Extends Merger Termination With HOFV to Oct. 17 ------------------------------------------------------------- As previously disclosed, on September 5, 2025, Hall of Fame Resort & Entertainment Co. received a Notice of Intent to Terminate Merger Agreement and Non-Extension of Note & Security Agreement from the HOFV Holdings, LLC ("Parent"), Omaha Merger Sub, Inc. (the "Merger Sub" and together with Parent, the "Buyer Parties") and certain of their affiliates. Pursuant to the Notice, the Buyer Parties and CH Capital Lending, LLC, a Delaware limited liability company and an affiliate of Stuart Lichter, a director of the Company, provided written notice of their intention to terminate that certain Agreement and Plan of Merger, dated May 7, 2025, by and among the Company, the Buyer Parties, and CHCL solely as guarantor under Section 8.1(e) on September 17, 2025, due to the Company's failure to perform its obligations thereunder. On September 16, 2025, the Company received a letter from the Buyer Parties and certain of their affiliates that extended such termination date to September 30, 2025. On September 30, 2025, the Company received an additional letter from the Buyer Parties and certain of their affiliates providing that in consideration of the agreements set forth in the Eleventh Amendment to Note and Security Agreement, the termination date of September 30, 2025 had been extended to October 17, 2025, and further, Parent agreed to forbear from exercising its rights and remedies under the Merger Agreement, prior to such date, absent any earlier default by the Company of any of its obligations under and pursuant to the Merger Agreement other than the obligations arising under Section 7.2(g) of the Merger Agreement with respect to receipt of third party consents to the transaction from the holders of the Company's 8% Convertible Notes due 2025. If the Company is unable to obtain the consent of the holders of the Company's 8% Convertible Notes due 2025 to resolve the asserted default under the Merger Agreement, the foregoing would be expected to have a material adverse effect on the Company's liquidity and financial condition and may render the Company insolvent and unable to sustain its operations and continue as a going concern. No assurance can be provided that the Company will be able to refinance, restructure or repay its indebtedness or to continue as a going concern. About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. As of June 30, 2025, the Company had $360.5 million in total assets, $315.7 million in total liabilities, and $44.8 million in total equity. HALL OF FAME: Increases Facility to $20M in 11th Amendment ---------------------------------------------------------- Hall of Fame Resort & Entertainment Co. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, and its subsidiaries HOF Village Newco, LLC, a Delaware limited liability company, HOF Village Retail I, LLC, a Delaware limited liability company, and HOF Village Retail II, LLC, a Delaware limited liability company, entered into an Eleventh Amendment to Note and Security Agreement, with CH Capital Lending, LLC, a Delaware limited liability company. CHCL is an affiliate of Stuart Lichter, a director of the Company. The Eleventh Amendment modifies the definition of "Facility Amount" in Section 1 of the original Note and Security Agreement (as amended prior to the Eleventh Amendment) to increase the facility amount from $17,000,000 to $20,000,000 allowing the Borrowers to request an additional $3,000,000 for general corporate purposes, subject to certain restrictions, and extends the definition of "Maturity Date". In the event that the Take Private Transaction (as defined in the Note) is not consummated on or prior to October 17, 2025, for any reason including, without limitation, the continuing failure to obtain the consent of the holders of the Company's 8% Convertible Notes due 2025, the Eleventh Amendment includes certain covenants, among them, the Company's obligation to facilitate the expeditious transfer of all collateral granted to Lender and any of its affiliates under this Note and any of the IRG Affiliate Debt Documents as well as certain other rights with respect to foreclosure proceedings. The Eleventh Amendment also acknowledges that the Company's Board of Directors has authorized and directed management to cooperate with Lender in the preparation of the necessary agreements, instruments and documents relating to the foreclosure of various properties that provide collateral for the loans and other financial accommodations issued and outstanding pursuant to the Note and the IRG Affiliate Debt Documents. About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. As of June 30, 2025, the Company had $360.5 million in total assets, $315.7 million in total liabilities, and $44.8 million in total equity. HEALTHY EXTRACTS: Inks Merrger Ddeal With GUSA, Issues 13.1M Shares ------------------------------------------------------------------- Healthy Extracts Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on July 19, 2025, it entered into a Membership Interest Purchase Agreement with Gummy USA LLC and its sole-member, Donald Swanson, pursuant to which the Company acquired 100% of the outstanding membership interests of GUSA, which became a wholly-owned subsidiary. As consideration for the purchase, the Company issued 13,075,920 shares of common stock which represented 77.5% of the Company's issued and outstanding common stock after the transaction, to Swanson. In addition, Swanson was granted anti-dilution rights to maintain that same ownership percentage in the event of the exercise of any of the Company's 154,306 outstanding options and warrants. In connection with, and as a material term of, the transaction, effective on July 19, 2025, Donald Swanson was appointed to the Board of Directors as the Company's fourth director, Chairman, and as President (Swanson was appointed as the CEO on September 16, 2025). Mr. Swanson brings over eight years of deep experience in pharmaceutical-grade manufacturing and gummy innovation. He has successfully designed and implemented state-of-the-art production facilities across multiple international locations, and his proprietary processes deliver unmatched precision. Under his leadership, Gummy USA has not only secured significant purchase orders but also positioned itself to set a new industry benchmark for quality, regulatory compliance, and supply chain efficiency. His expertise spans automated controls, advanced fluid dynamics, and blockchain-enabled product authentication, solving critical production inefficiencies and protecting brand integrity. There are no family relationships between any of the Company's officers or directors. Other than the transactions in connection with the acquisition of Gummy USA LLC, there are no transactions with related persons. Kevin "Duke" Pitts, who was the Company's President prior to the transaction, was appointed as the Chief Executive Officer (Pitts was appointed as President and COO on September 16, 2025). Further in connection with the transaction, Robert Madden, the Company's Secretary and Chief Financial Officer, was appointed as the Manager of GUSA. Rescission of Gummy USA LLC Acquisition and Appointment of Director; Merger Agreement On September 26, 2025, the Company rescinded the MIPA as of its effective date. On the same day, the Company entered into an Agreement and Plan of Merger with GUSA and Swanson, pursuant to which GUSA was merged with and into its wholly-owned subsidiary, HE Gummy USA, Inc., a Nevada corporation. The Company re-issued the Purchase Shares, which continued to represent 77.5% of the issued and outstanding common stock after the transaction, to Swanson. In addition, Swanson was granted anti-dilution rights to maintain that same ownership percentage in the event of the exercise of any of the Company's 154,306 outstanding options and warrants. In connection with, and as a material term of, the rescission, the appointment of Swanson to the Board of Directors was also terminated as of its effective date, and effective on September 30, 2025, Donald Swanson was re-appointed to the Board of Directors as the fourth director, Chairman, and as Chief Executive Officer. Kevin "Duke" Pitts, who was the Company's President prior to the transaction, was re-appointed as the Company's President and Chief Operating Officer. Further in connection with the transaction, Robert Madden, the Company's Secretary and Chief Financial Officer, was re-appointed as the Manager of GUSA. On October 1, 2025, William Bossung resigned as a member of the Company's Board of Directors. About Healthy Extracts Headquartered in Henderson, Nev., Healthy Extracts Inc. -- www.healthyextractsinc.com -- is a platform for acquiring, developing, patenting, marketing, and distributing plant-based nutraceuticals. The Company's proprietary and patented products target select high-growth categories within the multibillion-dollar nutraceuticals market, such as heart, brain, and immune health. As of June 30, 2025, the Company had $2,495,521 in total assets, $2,017,564 in total current and total liabilities, and a total stockholders' equity of $477,958. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company's operating losses raise substantial doubt about its ability to continue as a going concern. HELIX ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Helix Energy Solutions Group, Inc. (Helix) Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed the 'BB-' rating with a Recovery Rating of 'RR4' on the unsecured notes. The Rating Outlook is Stable. Helix's ratings reflect the company's low leverage, strong liquidity, and continued positive free cash flow (FCF) derived from the focus on production enhancement, well abandonment, and growing renewables exposure. These strengths are offset by the inherent volatility of oil and gas activity and the relatively small scale of the company. The Stable Outlook is based the company's track record of maintaining a conservative financial strategy. Key Rating Drivers Conservative Financial Strategy: Helix's credit quality is supported by a conservative financial strategy. The company has a strong track record of disciplined capital spending and funding. When the market turned down in 2008, Helix utilized asset sales to fund the completion of a newbuild program. During 2016 and 2017, management again focused on maintaining the balance sheet by funding a newbuild program with equity issuances. Unlike many larger, more diversified oilfield services peers that needed to resort to bankruptcy or distressed exchanges to restructure their balance sheets and survive downcycles, Helix managed through these downturns with prudent spending, timely equity issuances and asset sales. Fitch expects management to continue to pursue and maintain a conservative financial strategy. Small Scale: Helix's scale is small relative to other similarly rated peers. The Fitch Oil Field Services (OFS) navigator maps an EBITDA scale of $500 million to the 'BB' level. While Helix's EBITDA is forecast to grow, Fitch doesn't expect Helix to cross this threshold within the forecast period. Fitch views scale as a key rating driver in the OFS sector, as greater scale can help moderate the negative impacts of cyclical downturns. Helix's disciplined approach, consistent positive FCF, exposure to less volatile portions of OFS, and credible ability to not only handle but also benefit from energy transition provides support for the rating. Consistent FCF Generation: Helix has a track record of consistent positive FCF throughout the cycle and Fitch views the continuation of this trend as a credit positive. Fitch forecasts consistent positive FCF through the forecast, even with elevated capital expenditure (capex) and an overall slowdown in offshore activity in 2025. Fitch expects FCF will be used for a balance of shareholder distributions and opportunistic growth spending, along with maintenance of strong liquidity. Offshore Well Intervention Leader: Fitch views Helix's position as a leader in the offshore well intervention market as a credit strength. Historically, most offshore well intervention was executed by offshore drill rigs or drillships. Helix leads in the development of purpose-built well intervention vessels and specializes in these services. The purpose-built design and specialization allow Helix to execute well production enhancement more quickly and efficiently, as well as at a lower cost than a drilling contractor. However, Helix has a significantly smaller scale than more diversified oilfield services peers. Exposure to Industry Downturns: Helix remains exposed to volatile oil and gas production activity. Declines in oil and gas commodity prices typically lead to significantly decreased spending by operators. This volatility is more focused on development and growth spending, but it does still affect expenditures focused on production and production enhancement. Decommissioning Backlog: Fitch views Helix's revenue composition, with around 50% derived from decommissioning activities, as a credit positive. Global offshore decommissioning expenditures are expected to grow due to aging infrastructure, declining resources, and increasing regulatory pressure. The decommissioning of offshore wells will be an important step in the process of energy transition and Fitch believes Helix is well-positioned to benefit from this spending. Growing Renewables Exposure: Helix's increased exposure to the renewables industry is a credit positive. The percentage of revenue generated from renewables projects in 1H25 is approximately 10% and the expected growth in this segment diversifies the company away from the oil and gas industry. While most of Helix's revenue is generated from the oil and gas sector, the compatibility of its services with the offshore renewables sector provides a credible path forward through energy transition. Peer Analysis Helix's peers include Noble Corporation plc (BB-/Stable), Superior Energy Services (BB-/Stable), and Weatherford International Public Limited Company (BB/Stable). Helix's scale is smaller than its peers, with EBITDA below the roughly $500 million level typically associated with 'BB' oilfield services issuers. However, Helix exhibits lower volatility compared to Noble, which is drilling-focused. At current and forecast levels, Helix's EBITDA margins are comparable to Weatherford, but lower than Noble and Superior. Helix's leverage is comparable with Weatherford and Superior and lower than Noble. Helix has a consistent track record of generating positive FCF, even during downturns when peers have negative FCF. The company's ability to manage this and maintain a solid balance sheet without resorting to bankruptcy differentiates it from many of its oilfield services peers. Key Assumptions - Brent oil price is $70 per barrel (bbl) in 2025, $65 per bbl in 2026 and 2027, and $60 per bbl thereafter; - Revenue declines in 2025, followed by low to mid-single-digit growth in 2026 and 2027; - EBITDA margins decline in 2025 driven by the soft market and begin to improve slightly in 2026 and into 2027 through higher rates and utilization; - Capex is in line with management expectations; - Excess FCF is allocated to share buybacks; - Floating rate debt uses three-month SOFR rate forward curve. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in market fundamentals that leads to decreased utilization and reduced margins on assets; - Sustained negative FCF or deviation from conservative financial policies; - Midcycle EBITDA leverage above 2.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased scale with midcycle EBITDA that exceeds $500 million while maintaining generally positive FCF; - Sustainably stronger offshore drilling market or increased revenue share derived from renewables customers; - Midcycle EBITDA leverage below 1.5x. Liquidity and Debt Structure As of June 30, 2025, Helix had approximately $320 million in cash and $70.5 million in availability under its revolving credit facility. The company has modest debt amortization until the notes mature in 2029. The revolver contains covenants that require the company to maintain a fixed-charge coverage ratio of at least 1.0x if availability is less than 10% of the borrowing base or $12 million. Fitch views Helix's liquidity as sufficient and refinancing risk as manageable. Issuer Profile Helix is a leading international offshore energy services company that provides specialty services to the offshore energy industry with a focus on well intervention, robotics and full-field decommissioning operations. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Helix Energy Solutions Group, Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- HERITAGE COLLEGIATE: Elemental, et al. Lose Bid to Dismiss Lawsuit ------------------------------------------------------------------ Judge Thomas J. Tucker of the United States Bankruptcy Court for the Eastern District of Michigan denied as moot Elemental Capital, Inc. and Redstone Advance, Inc.'s partial motion to dismiss the adversary proceeding captioned as HERITAGE COLLEGIATE APPAREL, INC., Plaintiff, v. ELEMENTAL CAPITAL, INC., et al., Defendants, Adv. No. 25-4146 (Bankr. E.D. Mich.). On Sept. 25, 2025, the Plaintiff filed an amended complaint. According to the Court, the filing of the amended complaint renders the Motion moot. A copy of the Court's Order dated October 3, 2025, is available at https://urlcurt.com/u?l=KcE10z from PacerMonitor.com. About Heritage Collegiate Apparel Heritage Collegiate Apparel, Inc., serves as the official retailer of the University of Michigan Athletic Department. For more than 20 years, the Debtor has provided a selection of clothing, merchandise and gifts to the University of Michigan. Heritage Collegiate Apparel filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-47922) on Aug. 16, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Scott Hirth as president. Judge Thomas J. Tucker presides over the case. Kim K. Hillary, Esq., at Schafer and Weiner, PLLC represents the Debtor as legal counsel. On September 3, 2024, the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Wolfson Bolton Kochis PLLC as counsel and Capstone Partners as financial advisor. HERITAGE COLLEGIATE: Vault Loses Bid to Dismiss Adversary Case -------------------------------------------------------------- Judge Thomas J. Tucker of the United States Bankruptcy Court for the Eastern District of Michigan denied as moot Vault 26 Capital, LLC's partial motion to dismiss the adversary proceeding captioned as HERITAGE COLLEGIATE APPAREL, INC., Plaintiff, v. VAULT 26 CAPITAL, LLC, Defendant, Adv. No. 25-4148 (Bankr. E.D. Mich.). The Motion seeks dismissal of two counts of the Plaintiff's complaint under Fed. R. Civ. P. 12(b)(6), which applies to this adversary proceeding under Fed. R. Bankr. P. 7012(b). On Sept. 22, 2025, the Plaintiff filed an amended complaint. According to the Court, the filing of the amended complaint renders the Motion moot. A copy of the Court's Order dated October 3, 2025, is available at https://urlcurt.com/u?l=KcE10z from PacerMonitor.com. About Heritage Collegiate Apparel Heritage Collegiate Apparel, Inc., serves as the official retailer of the University of Michigan Athletic Department. For more than 20 years, the Debtor has provided a selection of clothing, merchandise and gifts to the University of Michigan. Heritage Collegiate Apparel filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-47922) on Aug. 16, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Scott Hirth as president. Judge Thomas J. Tucker presides over the case. Kim K. Hillary, Esq., at Schafer and Weiner, PLLC represents the Debtor as legal counsel. On September 3, 2024, the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Wolfson Bolton Kochis PLLC as counsel and Capstone Partners as financial advisor. HERTZ CORP: Court Trims Claims in Stephen "Do Not Rent List" Case ----------------------------------------------------------------- Judge Nina R. Morrison of the United States District Court for the Eastern District of New York granted in part and denied in part Hertz Corporation's motion to dismiss the case captioned as DARYL STEPHEN, Plaintiff, -against- THRIFTY, LLC; THRIFTY RENT-A-CAR SYSTEM, LLC; DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.; HERTZ CORPORATION; JANE DOE; JOHN DOE, Defendants, Case No. 22-cv-03855-NRM-LKE (E.D.N.Y.). Stephen, proceeding pro se, initiated this action under 42 U.S.C. Sec. 1981, the New York State Human Rights Law ("NYSHRL"), and N.Y. General Business Law ("GBL") Sec. 398–b, against Thrifty, LLC; Thrifty Rent-A-Car System, LLC; Dollar Thrifty Automotive Group, Inc.; Hertz Corporation; Jane Doe; and John Doe. Plaintiff alleges that, due to discrimination based on his race, Defendants refused to rent him a car from their facilities and placed him on a "Do Not Rent List" that barred him from ever renting cars from Hertz or any of its subsidiaries and affiliates. Defendants moved to dismiss Plaintiff's Amended Complaint under Rule 12(b)(6) of the Federal Rules of Civil Procedure, arguing, inter alia, that Plaintiff's claims should be dismissed due to the procedural bars of statutes of limitations, collateral estoppel, and mootness. On November 28, 2016, Plaintiff arrived at Thrifty Car Rental's John F. Kennedy airport location after reserving a rental car online a week prior. When he arrived at the rental counter, Plaintiff handed his driver's license and credit card to a non-Black Thrifty employee -- referred to in this action as Jane Doe -- to complete the rental transaction. After waiting approximately 45 minutes and asking to speak with a manager, Plaintiff observed six uniformed Port Authority police officers enter the building, approach the rental counter, and ask for the manager. Plaintiff then observed the manager, whom he identifies as a Caucasian man and refers to in this action as John Doe, emerge from behind the counter holding Plaintiff's license and credit card. Plaintiff attempted to communicate with John Doe but was ignored, and the officers then told Plaintiff that his cards would not be returned and that he would be held in custody pending an investigation. The officers handcuffed Plaintiff and held him in the building's vestibule, asking him various questions to confirm his personal information, and calling Plaintiff's bank to confirm he held an account there. After answering the officers' questions, Plaintiff was released but told he could "never return" to Thrifty's JFK location, and was only given his license back, not his credit card. Plaintiff's Amended Complaint raises eight causes of action. Three of those causes of action concern the November 28, 2016, incident, and the other five concern Plaintiff's subsequent placement on the Do Not Rent List, which he states he learned of on September 30, 2021. The statute of limitations for Plaintiff's Sec. 1981 claims is three years. The Court finds Plaintiff's claims arising out of the November 28, 2016, incident are time-barred and must be dismissed. Those claims accrued on November 28, 2016, and Plaintiff did not initiate this action until June 29, 2022, roughly five and a half years later. Thus, his lawsuit was filed after the statutes of limitations for both his claims under Sec. 1981 (three years) and NYSHRL (three years) had run. Accordingly, the Court dismisses as time-barred the first, third, and sixth causes of action of Plaintiff's Amended Complaint. By contrast, Plaintiff's claims arising from his placement on the Do Not Rent List fall within the required statutes of limitations, as they did not accrue until September 30, 2021, when Plaintiff learned of his placement on the list. Accordingly, Plaintiff's claims related to his placement on the Do Not Rent List -- the second, fourth, fifth, seventh and eighth causes of action in his Amended Complaint -- are not time-barred and survive Defendants' motion to dismiss. A copy of the Court's Memorandum and Order is available at https://urlcurt.com/u?l=nkmOIC from PacerMonitor.com. About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. HOUSTON THERAPY: Seeks Subchapter V Bankruptcy in Mississippi ------------------------------------------------------------- On October 2, 2025, Houston Therapy Inc. filed Chapter 11 protection in the Southern District of Mississippi. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Houston Therapy Inc. Houston Therapy Inc. provides home health care services through a team of licensed professionals, offering physical therapy and related treatments to patients in their residences. Based in Poplarville, Mississippi, the Company operates within the home health agency sector, serving local communities in the surrounding region. It is owned and managed by Marcus Houston, a licensed physical therapist. Houston Therapy Inc.sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51478) on October 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Katharine M. Samson handles the case. The Debtor is represented by Nicholas Grillo, Esq. of GRILLO LAW FIRM. HUDSON CRUISES: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------ On October 7, 2025, Hudson Cruises Inc. voluntarily filed for Chapter 7 bankruptcy protection in the Northern District of New York. The filing discloses liabilities within the $100,001–$1,000,000 range, with a reported creditor count of 1 to 49. About Hudson Cruises Inc. Hudson Cruises Inc. is a provider of river tours and events. Hudson Cruises Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-11161) on October 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. The Debtor is represented by Jonathan D. Warner, Esq. of Warner & Warner, PLLC. HUNTERSTOWN GENERATION: S&P Affirms BB- Rating on Sec. Term Loan B ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' rating, with a '2 (70%)' recovery rating, on Hunterstown Generation LLC's (Hunterstown) $615 million senior secured term loan B (TLB). The '2' recovery rating indicates S&P's expectation for substantial recovery in a hypothetical default scenario. S&P said, "The stable outlook reflects our expectation of strong debt service coverage (DSC) during the TLB period, given our view of power demand growth in future years and recently cleared elevated capacity prices in the PJM Interconnection (PJM). During the TLB period, we expect DSCRs above 2.00x, falling to a minimum of about 1.41x when a fully amortizing debt structure is assumed after refinancing. We expect about $305 million TLB outstanding at maturity." Hunterstown Generating Station is an 863-megawatt (MW) combined-cycle gas-fired power plant in the Metropolitan Edison Co. region of the Western Mid-Atlantic Area Council (MAAC) zone of PJM. The project became operational in 2003. LS Power purchased Hunterstown in July 2024 from Platinum Equity Capital Partners IV L.P. S&P said, "Although DSCRs are depressed by the incremental debt, we anticipate they will be commensurate with the current rating. Despite the additional debt of $65 million, we now expect a minimum DSCR of 1.41x. The project will pay down approximately $33 million of its existing debt by October 2025, about one year after the initial issuance. Given the strong capacity market and our expectation of higher debt paydown as a result, we anticipate that the project's debt paydown will remain robust during the TLB period. Our anticipated TLB outstanding at maturity is $305 million with the incremental debt, compared with our previous forecast of $280 million. Post-refinancing, due to higher debt at maturity, the minimum and median DSCRs are now 1.41x. We continue to view this level of DSCR as commensurate with the current rating. "The stable outlook reflects our expectation of strong debt service coverage during the TLB period given our view of power demand growth in future years and recently cleared elevated capacity prices in PJM. During the TLB period, we expect DSCRs above 2.00x, falling to a minimum of about 1.41x when a fully amortizing debt structure is assumed after refinancing. We expect about $305 million TLB outstanding at maturity." S&P could lower its ratings on Hunterstown if the minimum DSCR falls below 1.35x on a sustained basis. This could be a result of: -- A material decrease in power prices, capacity prices, or energy spreads; -- Unplanned outages substantially affecting generation; -- Economic factors causing the power plant to dispatch materially less than S&P's base-case expectation; or -- Debt paydown substantially lower than S&P expects, leading to a higher-than-expected debt balance at maturity. Although unlikely in the near term due to the single-asset nature of the project, S&P could raise the rating if: -- S&P expects Hunterstown will maintain a minimum DSCR of at least 1.80x in all years, including the post refinancing period; and -- S&P has a qualitative view that it could rate the project above 'BB-' given the inherent power price volatility, operational and refinancing risk associated with single assets, and refinancing risk. S&P would expect such outcomes to materialize if the project's financial performance and debt repayment well exceed its forecast on a sustained basis. This could be due to factors such as improved energy margins, higher dispatch, and substantially improved capacity pricing, leading to lower-than-expected debt outstanding at TLB maturity, as well as a track record of decreasing debt per kilowatt (kW). HYPERION DEFI: Board Member Michael Rowe Steps Down --------------------------------------------------- Hyperion DeFi, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Michael Rowe, a member of the Board of Directors submitted his resignation from the Board. About Hyperion DeFi Inc. Hyperion DeFi, Inc. formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. New York, N.Y.-based Marcum LLP, the Eyenovia's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $55.66 million in total assets, against $18.30 million in total liabilities. ICG US 2022-1: S&P Assigns BB- (sf) Rating on Class E-R Notes ------------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class A-R loan and class A-R, B-R, C-R, D-R, and E-R debt and proposed new class X debt from ICG US CLO 2022-1(i) Ltd./ICG US CLO 2022-1(i) LLC, a CLO managed by ICG Debt Advisors LLC that was originally issued in June 2022. At the same time, S&P withdrew its ratings on the previous class A loan and class A1, AF, B1, BF, C, D1, DJ, and E debt following payment in full on the Oct. 7, 2025, refinancing date. The replacement debt was issued via a proposed supplemental indenture, which outlines the terms of the replacement debt. According to the supplemental indenture: -- The non-call period was extended to Oct. 20, 2027. -- The reinvestment period was extended to Oct. 20, 2030. -- The legal final maturity dates for the replacement debt and the subordinated notes were extended to Oct. 20, 2038. -- There will be no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 20, 2026. -- Additional subordinated notes were issued on the refinancing date. -- New class X debt, which was issued in connection with this refinancing, is expected to be paid down using interest proceeds during the first 20 payment dates, beginning with the January 2026 payment date. -- The required minimum overcollateralization ratios were amended. S&P said, "Our review of this transaction included a cash flow analysis, based on the portfolio and transaction data in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults and the recoveries upon default under various interest rate and macroeconomic scenarios. Our analysis also considered the transaction's ability to pay timely interest and/or ultimate principal to each of the rated tranches. "We will continue to review whether, in our view, the ratings assigned to the debt remain consistent with the credit enhancement available to support them and take rating actions as we deem necessary." Ratings Assigned ICG US CLO 2022-1(i) Ltd./ICG US CLO 2022-1(i) LLC Class X, $3.00 million: AAA (sf) Class A-R, $111.00 million: AAA (sf) Class A-R loan, $75.00 million: AAA (sf) Class B-R, $42.00 million: AA (sf) Class C-R (deferrable), $18.00 million: A (sf) Class D-R (deferrable), $15.00 million: BBB (sf) Class E-R (deferrable), $13.50 million: BB- (sf) Ratings Withdrawn ICG US CLO 2022-1(i) Ltd./ICG US CLO 2022-1(i) LLC Class A1 to NR from 'AAA (sf)' Class A loans to NR from 'AAA (sf)' Class AF to NR from 'AAA (sf)' Class B1 to NR from 'AA (sf)' Class BF to NR from 'AA (sf)' Class C to NR from 'A (sf)' Class D1 to NR from 'BBB (sf)' Class DJ to NR from 'BBB- (sf)' Class E to NR from 'BB- (sf)' Other Debt ICG US CLO 2022-1(i) Ltd./ICG US CLO 2022-1(i) LLC Subordinated notes(i), $37.80 million: NR (i)The final subordinated note balance (including additional issuance on the refinancing date) will be $37,800,000. NR--Not rated. ICORECONNECT INC: Gets Final Approval to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a final order authorizing iCoreConnect Inc. and iCore Midco Inc. to use cash collateral and granting adequate protection to secured creditors. All prior interim orders granting the Debtors' bid to use cash collateral are deemed final. As of the petition date, the Debtors' cash collateral was comprised of accounts receivable in the amount of approximately $650,000. The Debtors' pre-bankruptcy secured lenders are Element SaaS Finance (USA), LLC and PIGI Solutions, LLC. Element and PIGI claim that they are owed approximately $1.85 million and $2.5 million, respectively, as of the petition date. Pursuant to a 2023 subordination agreement, PIGI subordinated its secured claims to those of Element, making Element the senior creditor. About Lake County Hospitality Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. Amy Denton Mayer, Esq., at Stichter Riedel Blain & Postler, P.A. is the Debtor's legal counsel. Element SaaS Finance (USA), LLC, as secured creditor, is represented by: Ernest H. Kohlmyer, III, Esq. Zimmerman, Kiser & Sutcliffe, P.A. 315 E Robinson Street, Suite 600 Orlando, FL 32802 Telephone: (407) 425-7010 Facsimile: (407) 425-2747 IF YOU PLEASE: Michael Carmel Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 14 appointed Michael Carmel of Michael Carmel, Ltd. as Subchapter V trustee for If You Please LLC. Mr. Carmel will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Carmel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael W. Carmel Michael W. Carmel, Ltd. 80 E. Columbus Ave Phoenix, AZ 85012-4965 Phone: 602-264-4965 Fax: 602-277-0144 Email: michael@mcarmellaw.com About If You Please LLC If You Please LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09405) on October 02, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Daniel P. Collins presides over the case. Ronald J. Ellett, Esq. at Ellett Law Offices, P.C. represents the Debtor as bankruptcy counsel. IMPACT STAFFING: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Impact Staffing Solutions, LLC 407 S Pioneer Way Moses Lake WA 98837 Case No.: 25-01726 Business Description: Impact Staffing Solutions provides workforce and employment placement services across the Pacific Northwest, linking businesses with qualified candidates for seasonal, temporary, temp-to-hire, and direct-hire roles. The Company operates through five regional offices and serves a broad range of industries. It focuses on supporting workforce growth through integrity, transparency, and long-term relationships between employers and job seekers. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Eastern District of Washington Judge: Hon. Frederick P Corbit Debtor's Counsel: Geoff Groshong, Esq. GROSHONG LAW PLLC 600 Stewart St Ste 1300 Seattle WA 98101 Tel: 206-508-0585 Email: geoff@groshonglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jessica Lustig as member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L2CHJAI/Impact_Staffing_Solutions_LLC__waebke-25-01726__0001.0.pdf?mcid=tGE4TAMA INDUSTRIAL HOLDCO: S&P Assigns 'B' ICR, Outlook Stable ------------------------------------------------------ S&P Global Ratings assigned its 'B' issuer credit rating to Industrial Holdco L.P. (dba Barnes Industrial). At the same time, S&P assigned its 'B' issue-level rating to the company's proposed first-lien credit facility. The recovery rating is '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for lenders. S&P said, "The stable outlook reflects our forecast for Barnes Industrial's S&P Global Ratings-adjusted leverage in the high-5x in 2025, pro forma for the capitalization transaction, and expectation for lower operational costs and cost savings initiatives to grow EBITDA modestly over the next 12 months." Funds managed by Apollo Global Management, Inc. ("Apollo") are separating the Industrial segment from Goat Holdco LLC (dba Barnes Group) through a new entity, Industrial Holdco L.P. (dba Barnes Industrial). Apollo plans to capitalize Barnes Industrial through a proposed $425 million term loan B, $125 million revolving credit facility (undrawn at close), and $75 million of cash funded to its balance sheet. Barnes Industrial will remain under Apollo's ownership following the separation. S&P said, "We assess the company's business as having limited scale within highly competitive industries and potential volatility of profitability, notwithstanding its good position in key served markets and a highly variable cost structure. "Pro forma for the separation and related financing, we forecast S&P Global Ratings-adjusted leverage to be in the high-5x area by the end of 2025, improving in 2026 on net cost savings. Nevertheless, we consider this level of leverage to be high given our view of the company's business. "We forecast Barnes Industrial's S&P Global Ratings-adjusted leverage will improve to the low-4x area in 2026. We expect significant year-over-year EBITDA margin expansion (about 430 basis points) amid tepid revenue growth, will drive higher EBITDA and reduce Barnes Industrial's leverage to 4.1x by the end of 2026, from 5.7x in 2025 following transaction close. This is driven by our assumptions for the realization of net cost savings from cost out actions taken in 2025 and 2026 and a favorable comparison to 2025, which included elevated order fulfillment costs and a limited number of customer rebates incurred in the first half of 2025 that we believe are not likely to recur. "Our forecast also assumes modestly higher volumes in 2026 in the company's molding solutions segment (65% of revenue), supported by growth in medical and personal care end markets, which we assume will offset demand headwinds in the automotive end market. This is supported by S&P Global Ratings' economic forecast for low-single-digit percent real GDP growth across the geographies that Barnes Industrial serves. "We believe, however, there are risks to our forecast primarily around the execution of the company's cost-savings plan. Although we assume Barnes Industrial will realize a large portion of its anticipated cost savings over the next two years, we believe some initiatives may take longer or be more difficult to realize. For example, procurement savings often require contract negotiations with various third parties and may be affected by the timing of contract renewals, tariff policies, or other considerations that carry uncertainty and fall outside management's control." Barnes Industrial derives a majority of its revenue and EBITDA from the highly competitive molding solutions market. The company operates in highly fragmented industries across its three segments. While it holds a leading or significant market position in many of its served markets (such as medical applications of its hot runners and molds), it has intense competition from peers Mold Masters (a Hillenbrand Inc. company) and Husky Technologies Ltd.), as well as competition from many smaller players in its Force and Motion Control and Automation segments. S&P said, "These competitive factors contribute to EBITDA margin generally in line with the average margin for rated capital goods manufacturers (when measured on a pro forma basis inclusive of our assumption for realization of value creation benefits). Moreover, the company has a relatively small scale compared with some industry peers and many capital goods manufacturers more broadly. In our view, this small revenue and EBITDA base exposes the company to potentially greater volatility in credit metrics. "Barnes Industrial benefits from barriers to entry, a high proportion of recurring revenue, and cost structure flexibility. We view the highly engineered nature of the company's products and high cost of failure to its customers as providing good protection to Barnes Industrial and other incumbents from new entrants and smaller competitors seeking to take share. Some molding solutions applications--such as medical, personal care, and packaging (about half of molding solutions revenue)--require strict compliance with FDA regulations, which creates a competitive advantage for incumbent manufacturers by raising customers' switching costs." Further, the company differentiates itself from new entrants and peers given its sizable number of patents and other intellectual property. It also customizes solutions for specific applications and customers and seeks to include its specific designs and products into its customers' operational plans to protect aftermarket revenue and margin opportunities. S&P said, "Barnes Industrial derives a high percent of revenue from sales of consumable products. In addition, we recognize there may be a stable base of demand that generally results from the company having a large installed customer base. Moreover, its cost structure--over 60% of which is variable in nature--should mitigate some of the potential volatility of profitability that we expect given its small scale in highly competitive markets. "We forecast positive and increasing free operating cash flow (FOCF) beginning in 2026 following an outflow in 2025. We assume negative FOCF in 2025 due to substantial cash outlays to support Apollo's initial take-private transaction of Goat Holdco, in addition to cash outlays for transaction-related fees and expenses related to the proposed separation from Goat Holdco, growth investments, and cost savings initiatives. We assume the expected level of cash on hand following transaction close will be sufficient to absorb cash flow deficits in 2025. "We expect working capital will be a moderate use of cash through 2026 to fund revenue growth and forecast capital expenditures (capex) will moderate from elevated levels after 2026 as the company completes cost out actions. We do not incorporate possible acquisitions or shareholder rewards in our base case. "The stable outlook reflects our forecast for S&P Global Ratings-adjusted leverage in the high-5x in 2025, pro forma for the capitalization transaction. The outlook also reflects our assumption for net cost savings to drive operational improvement and modest EBITDA growth over the next 12 months. "We could lower our ratings if Barnes Industrial sustains S&P Global Ratings-adjusted leverage above 6.5x or FOCF is negligible or modestly negative as a stand-alone entity." This could occur if: -- The company incurs greater standalone costs or realizes less net cost savings than we forecast, and as a result, is unable to grow EBITDA to a level that accommodates its significant debt obligations; -- Demand for the company's products declines and pressures profitability; or -- The company pursues a more aggressive financial policy, including debt-funded acquisitions or shareholder returns. While unlikely in the near term, S&P could raise its ratings if: -- The company sustains S&P Global Ratings-adjusted leverage below 5x; -- Financial policy decisions support maintaining leverage below this level, including potential acquisitions and shareholder rewards; and -- It maintains consistently positive FOCF as a stand-alone entity. INNOPHOS HOLDINGS: Moody's Cuts CFR to B3 & Alters Outlook to Neg. ------------------------------------------------------------------ Moody's Ratings downgraded Innophos Holdings, Inc.'s Corporate Family Rating to B3 from B2, its Probability of Default Rating to B3-PD from B2-PD, the rating on its $420.2 million senior secured first lien term loan to B2 from B1. The Caa1 rating on its 11.5% backed second lien senior secured notes was affirmed. The Caa1 ratings on Innophos's senior unsecured notes due 2028, and the PIK toggle senior unsecured notes of Iris Holdings, Inc., have been withdrawn. Innophos's ratings outlook has been revised to negative from stable. The stable outlook for Iris Holdings, Inc. has been withdrawn. Governance considerations under Moody's ESG framework, including Management Credibility & Track Record, are a key driver of the rating action, as the earnings and cash flow impact of the company's ongoing plant refurbishment has been greater than management's prior expectations. RATINGS RATIONALE The downgrade of Innophos's CFR to B3, along with revision of the outlook to negative to reflects: (1) weaker than expected performance in 2025, resulting from weaker demand and higher than expected costs resulting from ongoing rebuild of its sulfuric acid plant, requiring external purchases, and (2) significantly weaker than expected liquidity, driven by weaker earnings and higher capex, with Moody's expectations for 2025 free cash flow to be a use of around $60 million, compared to Moody's prior expectation for modestly positive free cash flow, which results in increased draws on the ABL credit facility. As a result of these developments, Innophos's leverage is expected to be around 7.6x at year-end 2025, with total liquidity of around $70 million. While Moody's expects some improvement in EBITDA over the next 12-18 months, which should bring leverage to around 6.5x by year-end 2026, Moody's expects 2026 free cash flow to be modestly negative, which would imply continued pressure on the company's liquidity. That said, the company does not have any near-term maturities, with the nearest maturity in December 2028. Innophos's B3 CFR is supported by its market position in specialty phosphates, exposure to a number of more stable end markets and backward integration into phosphoric acid, which meaningfully improves margins except in a downturn. The rating is constrained by an elevated level of balance sheet debt and weak credit metrics. The rating also reflects limited organic growth, small scale, narrow product portfolio and concentration in North America. Innophos' ratings also consider the company's competitive position in higher growth end markets where it is looking to expand, such as natural ingredients and enzymes. In these markets, it competes with much larger companies such as Kerry Group Plc (Baa1 stable) and Givaudan SA (Baa1 stable) with greater financial flexibility and more diverse product offerings. The ratings also consider its private equity ownership, which has previously increased debt to fund shareholder distributions. Innophos has adequate liquidity. At June 30, 2025, the company had a cash balance of $27.9 million, and $80 million available under its $175 million ABL credit facility, subject to a borrowing base, for total liquidity of $108 million. Moody's expects significant cash usage in 2H 2025 as a result of elevated capex, with total liquidity declining to around $70 million at year-end 2025. Even with some improvement in EBITDA in 2026, Moody's expects free cash flow to be modestly negative, resulting in total liquidity of around $60 million at year-end 2026. The ABL facility has a springing covenant when availability falls below the greater of 10% of the borrowing base or $10 million. Moody's do not expect this covenant to be tested over the next 12 months. The first lien term loan does not have any maintenance covenants. The B2 rating on the first lien term loan reflects its senior position in the capital structure with a first lien on assets that are not part of the asset backed lending ("ABL") facility and a second lien on assets that are part of the ABL facility. The Caa1 rating on the second lien notes reflects their subordinated position in the capital structure relative to the ABL and term loan. The negative outlook reflects the uncertainty around the company's liquidity, in the context of the company's sizable interest expense burden. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Although it is unlikely given the negative outlook, Moody's could consider an upgrade if adjusted leverage is sustained above 6.5x, the company consistently generates positive free cash flow, resulting in improved liquidity, and the private equity sponsor is committed to not taking additional cash dividends that increase balance sheet debt. Moody's could consider a downgrade if free cash flow remains negative for a sustained period of time, a substantial deterioration in liquidity occurs, or if the company makes a significant debt-financed acquisition or dividend to the sponsor. Headquartered in Cranbury, New Jersey, Innophos Holdings, Inc. is a producer of specialty phosphate salts, acids, ingredients and related products used by food and beverage, pharmaceutical, industrial and agricultural end markets. The company also offers enzyme and mineral based nutritional ingredients. Innophos was acquired by private-equity sponsor One Rock Capital Partners, LLC for $932 million. The company generates annual revenues of roughly $900 million. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. INTEGRAL LEAPS: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Integral Leaps Inc. 74-710 Highway 111, Suite 102 Palm Desert, CA 92260 Business Description: Integral Leaps Inc. is a real estate lessor with principal assets situated at 643 E 47th St., Los Angeles, California 90011. Chapter 11 Petition Date: October 7, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-17207 Judge: Hon. Magdalena Reyes Bordeaux Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Fax: 213-202-6075 Email: tom@urelawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Romulous Rodriguez as president. The Debtor listed Bank of America, P.O. Box 660861, Dallas, TX 75266-0861, as its only unsecured creditor, holding a $4,900 claim related to credit card transactions. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UUHYQIQ/Integral_Leaps_Inc__cacbke-25-17207__0001.0.pdf?mcid=tGE4TAMA INTEGRAL LEAPS: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On October 7, 2025, Integral Leaps Inc. sought Chapter 11 bankruptcy protection in the Central District of California. The petition was filed voluntarily by the company. Documents submitted to the court show liabilities estimated between $1 million and $10 million. The company also disclosed having 1 to 49 creditors. About Integral Leaps Inc. Integral Leaps Inc. is a real estate company. Integral Leaps Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17207) on October 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Thomas B. Ure, Esq., of Ure Law Firm. IPS CORP: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable --------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on IPS Corp. S&P assigned a 'B-' issue-level credit rating and '4' recovery rating (rounded estimate: 45%) to the first-lien term loan and delayed draw term loan. S&P also assigned its 'CCC' issue-level credit rating and '6' recovery rating (rounded estimate: 0%) to the second-lien term loan. The stable outlook indicates S&P's expectation that debt leverage will remain high at about 7x-8x in 2025 and 2026, although it expects sound business performance and earnings to mitigate some of this impact from higher debt levels. IPS Corp. plans to pay a $180 million dividend to its financial sponsor, Centerbridge Partners, using new debt. The company will use the proceeds of its proposed $810 million first-lien term loan due 2032, $100 million first-lien delayed draw term loan due 2032, and $160 million second-lien term loan due 2033 to refinance its existing term loan and fund the sponsor dividend. The transaction increases leverage above S&P's prior expectations but remains within the expected parameters of the rating. IPS' dividend recap will increase leverage back to our 7x-8x tolerance for the rating. IPS plans to fund a $180 million dividend and refinance $764 million of existing debt with the proposed issuance. For the trailing-12-months ended June 30, 2025, S&P Global Ratings-adjusted leverage was 5.7x, compared with 6.3x for the same period in the prior year. S&P said, "This dividend recap will increase leverage to about 7.9x, which is still in line with our prior expectations and stable outlook parameters of 7x-8x. Nonetheless, we expect improving business growth could contribute to S&P Global Ratings-adjusted leverage declining to the lower end of our the 7x-8x tolerance in 2026." S&P said, "We believe the company's ability to improve profitability, even during softer business conditions, demonstrates brand strength and operating efficiencies. We expect IPS' revenue for 2025 and 2026 to grow 5%-7%, driven by continued low-single-digit volume growth across all the segments and sustained favorable price realizations. We believe IPS primarily derives its pricing power from strong customer loyalty for its Weld-On brand for solvent cements and adhesives products. At the same time, the negligible proportion of a construction project's overall cost that IPS' products account for and the high cost associated with the failure of a project leads to IPS' greater customer stickiness. We also believe the company's strategic initiatives around cost controls should further support profitability, such that recent improvement in margins can be largely maintained. As such, we expect S&P Global Ratings-adjusted-EBITDA margins in the 24%-26% range in 2025 and 2026. "We believe IPS' earnings and cash flows could be susceptible to business and housing cycle volatility. This is due to its limited scale, product breadth, and exposure to cyclical construction end markets. We believe smaller, less diversified companies are more exposed to cyclicality during periods of economic stress. IPS' small size (annual revenue of about $500 million-$600 million) and concentration (few subproduct categories), compared with other larger and more diversified building materials peers, pose some credit risks. Also, the company derives about 60% of its revenue from cyclical new construction end markets in the U.S. and internationally. This is higher than that of most peers, which tend to be more exposed to the relatively stable repair and remodeling markets. We believe these factors could make IPS more vulnerable during a downturn. Nonetheless, we recognize the company's geographic footprint across regions could provide some diversification benefits "The stable rating outlook on IPS reflects our expectation of S&P Global Ratings-adjusted leverage of about 7x-8x and EBITDA interest coverage of at least 1.5x, through most market conditions and financial policy actions." S&P may lower its ratings over the next 12 months if: -- S&P views the capital structure as unsustainable, exhibited by S&P Global Ratings-adjusted leverage deteriorating toward 10x, EBITDA interest coverage trending lower than 1x, or free cash flow turning negative. This scenario could materialize if demand for the company's slows down drastically or higher-than-expected input prices that could not be passed on compress margins to under 20%; -- Liquidity weakens because of tighter covenant headroom; or -- The company maintains an aggressive financial policy--for instance, using debt to fund distributions or acquisitions--keeping leverage elevated. Although less likely, S&P could raise the rating over the next 12 months if the company outperforms our base-case scenario, resulting in S&P Global Ratings-adjusted leverage below 6x, and S&P believes the financial sponsors are committed to maintaining it at this level. J2KE INC: Seeks to Sell Coffee Franchise at Auction --------------------------------------------------- J2KE Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor operates a Scooter's Coffee franchise located at 2137 W. Washington St., Stephenville, Texas 76401. Due to the rapidly rising costs of food products, the Debtor was forced to seek protection under the Bankruptcy Code. Prior to the Petition Date, the Debtor contacted several Scooter's Coffee franchisees in Texas to gauge the prospect of selling the Debtor’s Assets. On August 27, 2025, the Debtor received a letter of intent from Taylor G. Fichtner and Taylor B. Fichtner and an entity to be formed by them. The Debtor received no other offers from any other potential buyers to serve as the stalking horse bidder in the purchase of the Debtor's Assets. The letter of intent from the Proposed Buyer (LOI) provides that the Proposed Buyer will purchase and acquire the Debtor's Assets pursuant to sections 363 and 365. The LOI requests that certain bid protections be included as a result of it being chosen as the stalking horse, which respective counsel to the Debtor and lender have considered and negotiated. The Debtor seeks authority to auction and sell the following assets of the Debtor, including without limitation, the Debtor's inventory, fixtures, equipment, furniture, signage, POS systems and software relating to the Scooter's Coffee branded franchise location currently operated by the Debtor and the assignment of all rights of the Debtor under all licenses, permits, and material agreements necessary for the Debtor to legally operate its business as currently conducted from the Premises, including that certain franchise agreement between the Debtor and Scooter's Coffee, LLC and that certain unexpired nonresidential lease and associated buildout improvements (to the extent not included in the sale as a fixture) for the premises located at 2137 W. Washington St., Stephenville, Texas 76401. In order to maximize the value of the Assets, the Debtor seeks to implement a competitive bidding process for the sale of the Debtor's Assets. In order to accomplish such a process and maximize the value to the Debtor's bankruptcy estate, the Proposed Buyer has agreed to become the Stalking Horse Bidder. Except as expressly provided, the Bid Procedures cannot be amended or modified without the express written consent of the Proposed Buyer. Among other things, the Bid Procedures require that a bid must: (1) include cash or substantially equivalent consideration that is in an amount not less than $115,000.00 (the Minimum Topping Amount) and include a Good Faith Deposit of $10,000.00. The Debtor further believes that the Bid Procedures provide an appropriate framework for selling the Assets in a uniform fashion and will enable the Debtor to review, analyze, and compare all bids received to determine which bid(s) are in the best interests of the Debtor, its estate, and creditors. The Bid of any bidder failing to comply with the Bidding Procedures will not be accepted without the Debtor's consent and Scooter's consent with respect to Coffee franchisees in Texas. If a Qualified Bid in addition to the Stalking Horse Bid is received prior to the Bid Deadline, the Debtor proposes to hold an auction on December 3, 2025 at 2:00 p.m. (CST) at the offices of Tittle Law Firm, PLLC, 1125 Legacy Drive, Ste. 230, Frisco, Texas 75034 and via virtual platform such as Zoom, or such other location, date and time as may be determined by the Court and entered in the Bid Procedures Order. If no Qualified Bid other than the Stalking Horse Bid is timely received, the Debtor will not conduct an Auction and instead may present the Stalking Horse Bid to the Court for approval at the Approval Hearing. If there is a Bidder that submits a Qualified Bid other than the Stalking Horse Bid, the Debtor will accept bids on account of the Assets. Bidding will continue with respect to the Auction until the Debtor determines that is received the highest and best bid for the Assets. On or before October 22, 2025, the Debtor will immediately serve notice of the Auction and Approval Hearing by first class mail. Bidders will be required to submit good faith deposits with the Debtor on or before November 21, 2025, at 5:00 p.m. CST). Such Good Faith Deposit shall be equal to $10,000.00. Good Faith Deposits of all Bidders shall be held in Debtor's counsel's IOLTA Trust Account for the Debtor's benefit until the consummation of a transaction involving any other bidder for the Assets. The Debtor believes that to establish a floor price for the Assets and the terms of the sale, the Debtor will work from the terms of the Asset Purchase Agreement (APA) entered into with the Proposed Buyer, as the Stalking Horse Bid. Consistent with that belief, the Debtor believes that it is in the best interest of the estate to pay the Proposed Buyer a Break-up Fee, plus the Expense Reimbursement, in the event that the Proposed Buyer is ultimately outbid at the Auction. In connection with the sale, the Debtor is seeking authorization to pay the Break Up Fee and Expense Reimbursement if the Proposed Buyer is not the Successful Bidder and the Debtor closes a transaction with a Successful Bidder other than the Proposed Buyer. The Break-Up Fee will enable the Debtor to secure the Proposed Buyer's bid, which will set an adequate floor for the Auction and, thus, insist that competing bids be materially higher or otherwise better than the Proposed Buyer's Bid, a clear benefit to the Debtor's bankruptcy estate. About J2KE Inc. J2KE Inc. operates a Scooter's Coffee franchise located at 2137 W. Washington St., Stephenville, Texas 76401. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42129-elm11) on June 11, 2025. In the petition signed by Kelly Dortch, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, is the Debtor's legal counsel. JACKSONVILLE MOVING: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Jacksonville Moving, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. The second interim order signed by Judge Jacob Brown authorized the Debtor to use cash collateral pending further hearing to be conducted by the court on December 9. The Debtor intends to utilize its cash collateral to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee; the expenses set forth in the revised budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, Dogwood State Bank. As adequate protection, Dogwood State Bank and other creditors with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep its property insured in accordance with its loan and security agreements with Dogwood State Bank. Dogwood State Bank appears to be the primary secured creditor, holding two UCC-1 financing statements filed on August 25, 2022, which grant it a security interest in all the Debtor's assets, excluding vehicles. The Debtor estimates Dogwood's claim to be approximately $1.6 million and acknowledges that any other parties, such as Bryan and Lisa Tully (who financed a note without recording a UCC-1), would hold junior, likely unsecured claims. About Jacksonville Moving Inc. Jacksonville Moving Inc., doing business as College Hunks Hauling Junk & Moving, provides professional moving services and junk removal solutions in the Duval County area. Jacksonville Moving sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02952) on August 26, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Jacob A. Brown oversees the case. Michael A. Stavros, Esq., at Jennis Morse is the Debtor's legal counsel. Dogwood State Bank, as secured creditor, is represented by: Eric F. Werrenrath, Esq. Winderweedle, Haines, Ward & Woodman, PA 329 Park Avenue North, Second Floor Winter Park, FL 32789 Telephone: (407) 423-4246 Facsimile: (407) 645-3728 ewerrenrath@whww.com hcrain@whww.com JAGUAR HEALTH: Signs Private Placement With Brown Stone Capital --------------------------------------------------------------- Jaguar Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 28, 2025, the Company entered into a Securities Purchase Agreement with Brown Stone Capital Limited, pursuant to which the Company agreed to issue and sell to the Investors in a Private Placement: (i) 161,583 shares of the Company's voting common stock, par value 0.0001 and (ii) 479,442 pre-funded warrants to purchase shares of Common Stock. The purchase price of the Shares is $1.56 per share and the purchase price for the Pre-Funded Warrants is $1.56 minus $0.0001. The Company intends to use the proceeds from the Private Placement for working capital and general corporate purposes and repayment of existing convertible notes. The Pre-Funded Warrants will be exercisable, in whole or in part, at any time after the closing of the Private Placement. Brown Stone Capital Limited may be reached through: Attn: Nima Montazeri Rear No 2 Glenthorne Road London N11 3HT, U.K. Email: nima@brownstonecapital.net The Purchase Agreement includes representations, warranties, and covenants customary for a transaction of this type. In addition, the Company agreed to file a registration statement on Form S-3 with the U.S. Securities and Exchange Commission to register the resale of the Shares and the Pre-Funded Warrant Shares. The foregoing summary of the Pre-funded Warrants and the Purchase Agreement does not purport to be complete and is subject to, and qualified in its entirety by the Pre-Funded Warrant and the Purchase Agreement, copies of which are available at https://tinyurl.com/2j46n53s and https://tinyurl.com/333vvuuh, respectively. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of June 30, 2025, the Company had $48.3 million in total assets against $41.4 million in total liabilities. JHRG MANUFACTURING: Gets Interim Approval to Use Cash Collateral ---------------------------------------------------------------- JHRG Manufacturing, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The court issued a second interim order authorizing the Debtor to use cash collateral consistent with its budget, pending a further hearing on October 21. The Debtor's 30-day budget projects total operational expenses of $26,235. The U.S. Internal Revenue Service and WBL SPO I, LLC may assert interests in the Debtor's cash collateral. As adequate protection, these secured creditors will be granted post-petition replacement liens, subject to the Debtor's right to challenge lien validity. These replacement liens will have the same priority as the secured creditors' pre-bankruptcy liens. The second interim order will remain in full force and effect until the court terminates the order for cause, including, but not limited to, breach of its terms and conditions. A continued hearing on the motion is scheduled for October 21. About JHRG Manufacturing LLC JHRG Manufacturing LLC is a North Carolina-based company that specializes in the production of personal protective garments and safety-related items used in industrial and recreational settings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03211-5-DMW) on August 20, 2025. In the petition signed by John E. Holland, member/manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge David M. Warren oversees the case. Benjamin R. Eisner, Esq., at The Law Offices of George Oliver, PLLC, represents the Debtor as legal counsel. WBL SPO I, LLC, as secured creditor, is represented by: William Walt Pettit HUTCHENS LAW FIRM LLP 6230 Fairview Road, Suite 315 Charlotte, N.C. 28210 Telephone: (704) 362-9255 Telecopier: (704) 362-9268 walt.pettit@hutchenslawfirm.com JJTA11 REAL: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- On October 10, 2025, JJTA11 Real Properties LLC voluntarily filed for Chapter 11 bankruptcy in the Middle District of Florida. Court documents show the company has liabilities estimated between $1 million and $10 million. The debtor indicated it has between 1 and 49 creditors. About JJTA11 Real Properties LLC JJTA11 Real Properties LLC is a single asset real estate company. JJTA11 Real Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03677) on October 10, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq. of BransonLaw PLLC. JOSEPH PERRY JOINER: Sec. 1111(b) Election Valid in Subchapter V ---------------------------------------------------------------- Judge Ashley Austin Edwards of the United States Bankruptcy Court for the Western District of North Carolina overrules Joseph Perry Joiner and Krista Marie Joiner's Objection to Notice of Election by Pinnacle Bank for Application of 11 U.S.C. 1111(b)(2). The Court allows Pinnacle Bank's Sec. 1111(b)(2) election. Joseph Perry Joiner and Krista Marie Joiner filed for bankruptcy relief on April 23, 2025 and elected to proceed under Subchapter V of the Bankruptcy Code. On February 3, 2017, the Debtors purchased their family residence located at 12730 Duncourtney Lane, Charlotte, NC 28277. On April 3, 2023, six years after the purchase of the Primary Residence, the Chasewater Entities obtained a $1,005,000 SBA loan from Pinnacle Bank in order to fund an acquisition of certain assets that would allow for synergy between the various Chasewater Entities. To secure the Loan, Pinnacle and the SBA required, among other agreements, an unconditional guarantee from both Debtors and a lien against the Primary Residence. On June 26, 2025, Pinnacle filed a $1,238,803.18 proof of claim asserting a $463,768.00 secured claim and a $775,035.18 unsecured claim. Pinnacle indicates that the Claim is secured by real estate and a UCC. On July 29, 2025, Pinnacle filed a Notice of Election for Application of 11 U.S.C. Sec. 1111(b)(2) seeking to have its entire Claim treated as secured pursuant to 11 U.S.C. Sec. 1111(b)(2). In their Objection, the Debtors allege that Pinnacle may not make the Sec. 1111(b) election because the Debtors decided to modify the Claim pursuant to Sec. 1190(3), which takes precedence over Sec. 1111(b). They also argue that section 1111(b) is inapplicable in individual Subchapter V cases as 1190(3) specifically permits modification of liens for extended periods of time similar to mortgages. To permit section 1111(b) elections in individual Subchapter V cases would simply make section 1190(3) superfluous. Pinnacle asserts that Sec. 1190(3) does not override -- or trump -- Sec. 1111(b), as the Debtors suggest. Rather, it simply acts to allow a debtor to treat a claim secured by a primary residence in real property similar to the other secured claims contemplated in Sec. 1123(b)(5). The bank contends that Sec 1111(b) applies in all Chapter 11 cases, including Subchapter V. The bank also points out Sec. 1181(a) provides a specific list of general Chapter 11 provisions that do not apply in Subchapter V cases, and, notably, does not include Sec. 1111. Judge Edwards explains, "While Sec. 1190(3) gives individual Subchapter V debtors a unique opportunity to modify the liens of creditors secured by their primary residence, there is no evidence that it overrides or takes away the creditors' right to elect under Sec. 1111(b). In fact, when Congress enacted Subchapter V, it included Sec. 1181(a), which identifies general Chapter 11 provisions that do not apply in Subchapter V cases. Notably, Sec. 1111 is not included." While the Court agrees with the Debtors that Sec. 1190(3) is more specific and that the legislative intent behind Subchapter V was to protect small business owners, it finds Sec. 1181(a) to be dispositive as to this issue. According to the Court, there is no evidence that Congress intended to omit creditors' rights under Sec. 1111(b) from Subchapter V and it appears they intended Sec. 1190(3) and Sec. 1111(b) to co-exist just as Sec. 1123 and Sec. 1111 do -- and had for 42 years before Subchapter V was enacted. Moreover, the Court agrees with Pinnacle's observation that the Debtors may not be eligible to modify the Claim under Sec. 1190(3), as the Judgment and loan documents filed with the Claim suggest that the Loan may be secured by more than just the Principal Residence. The Debtors, according to the Court, have failed to show that their Sec. 1190(3) election overrides Pinnacle's right to elect to have the Claim treated as fully secured under Sec. 1111(b). Accordingly, the Court finds Pinnacle's Election proper and overrules the Debtors' Objection. A copy of the Court's Order dated October 2, 2025, is available at https://urlcurt.com/u?l=nZAV4p Joseph Perry Joiner and Krista Marie Joiner filed for Chapter 11 bankruptcy protection (Bankr. W.D.N.C. Case No. 25-30396) on April 23, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by John Woodman, Esq. JSG I INC: S&P Withdraws 'B-' Long-Term Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings withdrew its 'B-' long-term issuer credit rating on JSG I Inc. (Justrite) at the issuer's request. At the time of the withdrawal, the outlook was stable. S&P also withdrew its 'B-' long-term issuer credit rating on JSG II Inc., a subsidiary of JSG I Inc., and discontinued its 'B-' issue-level rating on the company's first-lien term loan due to redemption. JUBILEE HILLTOP: Court Extends Cash Collateral Access to Dec. 31 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania approved a stipulation allowing Jubilee Hilltop Ranch, LLC to use the cash collateral of secured creditor Mid Penn Bank. The stipulation authorizes the Debtor to use cash collateral to pay the expenses set forth in its monthly operating budget nunc pro tunc from the petition date through December 31. The Debtor projects total operational expenses of $467,444.68 for October; $471944.68 for November; and $477144.68 for December. As adequate protection for the Debtor's use of cash collateral, Mid Penn Bank will receive increased interest-only monthly payments of $23,011.61, up from $15,000, beginning November 15. In addition, Mid Penn Bank will be granted replacement liens on personal property acquired by the Debtor after its Chapter 11 filing, with the same priority and validity as the bank's pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 claims. A final hearing will be held on December 31. Mid Penn Bank, as secured creditor, is represented by: Dominic V. Giovanniello, Esq. Saxton & Stump, LLC 4250 Crums Mill Road, Suite 201 Harrisburg, PA 17112 Telephone: (717) 216-5504 Telecopier: (717) 547-1900 dgiovanniello@saxtonstump.com About Jubilee Hilltop Ranch Jubilee Hilltop Ranch, LLC is a Pennsylvania-based family farm specializing in grass-finished beef, pastured pork, and eggs for the restaurant industry. Jubilee Hilltop Ranch sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70267) on June 26, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Neal Salyards, president of Jubilee Hilltop Ranch, signed the petition. Judge Jeffrey A. Deller oversees the case. Kevin Petak, Esq., at Spence Custer, represents the Debtor as legal counsel. KANTAR GLOBAL: S&P Alters Outlook to Stable, Affirms 'B-' ICR ------------------------------------------------------------- S&P Global Ratings revised the outlook on U.K.-based data, research, and analytics provider Kantar Global Holding S.a.r.l.'s (Kantar) issuer credit rating to stable from positive. S&P also affirmed the 'B-' long-term issuer and issue credit ratings and '3' recovery ratings with 55% rounded recovery prospects. S&P said, "The stable outlook reflects our expectation that, over the next 12 months, Kantar's earnings and cash flows will improve as a result of organic revenue growth, disciplined operating cost control, and a reduction in exceptional expenses. This should translate into Kantar's S&P Global Ratings-adjusted leverage decreasing to 8.5x in 2026 after a temporary increase to 14.5x in 2025. "We expect Kantar's leverage will temporarily increase to 14.5x in 2025 and its free operating cash flow (FOCF) will be negative. We consequently no longer think we might raise the rating in the near term. "We expect credit metrics to improve in 2026-2027 as restructuring and other exceptional costs decrease. "The outlook revision reflects the fact that we no longer expect an upgrade in the near term, due to high leverage and negative FOCF in 2025. We expect Kantar's FOCF to turn temporarily negative and leverage to rise to 14.5x in 2025 from 9.0x in 2024. We also forecast leverage will remain very high above 7.0x and FOCF will only break even or turn moderately positive in 2026-2027. This is because we now expect materially higher restructuring, severance, exceptional and merger and acquisition (M&A) related costs in 2025 compared with our prior expectations. We anticipate this being driven by the carve-out and disposal of Kantar Media and the merger of the Numerator division with WorldPanel, alongside management's decision to accelerate restructuring and capital expenditure (capex) investment. We project Kantar will incur up to $170 million in restructuring and costs related to M&A costs in 2025, leading to a temporary decline in S&P Global Ratings-adjusted EBITDA to $310 million and an EBITDA margin of approximately 12% and turning FOCF negative. "Furthermore, we anticipate an increase in reported capex to up to $190 million in 2025, reflecting additional investments in Worldpanel's integration and product enhancements. This is occurring against a backdrop of softer market conditions. The company received $940 million in proceeds from the Kantar Media divestment in August 2025 and used most of it for debt repayments. However, the reduction in gross debt was limited and less than we previously expected due to adverse foreign exchange rate movements and greater utilization of the revolving credit facility (RCF) in 2025. "We forecast Kantar's organic revenue growth to be weaker in 2025 than we previously expected, due to challenging macroeconomic conditions. Excluding Kantar Media's contribution, we anticipate broadly flat organic revenue performance in 2025 because client spending remains cautious due to macroeconomic and geopolitical uncertainties. The group reported a broadly flat top line in the first half of 2025. Revenue within the Insights division contracted by less than 1%, while Profiles remained flat. Although spending by the information technology sector is recovering, Kantar's clients' discretionary spending remained cautious. The company faced the main headwinds from subdued client spending on advisory, brand strategy, and other project-based services in the first half of 2025, while recurring revenues were solid. In addition, the Insights division is generally more sensitive to macro volatility. The combined Numerator and WorldPanel division contributed robust growth of 4.6% in the first half of the year, supported by solid performance in the food and beverage segment of the Consumer Packaged Goods (CPG) market, despite weaker performance in the automotive sector. Numerator is more dependent on subscriptions, less exposed to discretionary cuts, and has stronger digital capabilities, which ensures higher growth rates than Insights. "We forecast Kantar's organic topline growth will improve to 2%-3% from 2026 onward. This will likely reflect growth in the Insights and Profiles divisions improving to approximately 2% annually from 2026 onward, while Numerator (including Worldpanel) should continue growing by 4%-5% annually. We expect Kantar to maintain its strong position in global market research and brand strategy, coupled with its high recurring revenue and long-standing relationships with clients. "We assume that FOCF will improve and leverage will decrease in 2026-2027 on the back of materially decreasing restructuring and M&A-related costs. We expect Kantar's FOCF to return to neutral to slightly positive and adjusted leverage to decline toward 8.5x from 2026 onward, underpinned by a material reduction in restructuring, exceptional and M&A-related costs. We understand that the costs Kantar will incur in 2025 are predominantly one-off and expect them to decline materially to $65 million from 2026 onward. Alongside a recovery in the top line, this should support a recovery in the adjusted EBITDA margin to 20%-22% from 2026 onward. We also expect capex levels to normalize after a one-off increase in 2025 with no material working capital outflows, resulting in FOCF becoming neutral in 2026, followed by moderately positive FOCF generation thereafter." Recent debt management transactions that extended maturities, as well as sufficient liquidity, support the rating. In February 2025, the company refinanced $1.5 billion of its senior secured debt maturing in 2026 and extended the maturity of the senior secured notes to 2030. In August 2025, Kantar spent the bulk of Kantar Media's divestment proceeds on repaying debt, including relatively expensive EUR428 million senior unsecured notes and $140 million loan notes. These debt repayments have addressed the near-term maturities and will support Kantar's cash flow. After all the transactions, the company had about $202 million in cash and cash equivalents on its balance sheet and a $460 million RCF (of which $330 million is available and matures in August 2028 and $110 million of undrawn RCF matures in June 2026), which supports its liquidity. S&P said, "The stable outlook reflects our expectation that over the next 12 months Kantar's earnings and cash flows will improve on the back of organic revenue growth, disciplined operating cost control, and a reduction in exceptional expenses. This should translate into Kantar's S&P Global Ratings-adjusted leverage decreasing to 8.5x in 2026 after a temporary increase to 14.5x in 2025. "We could lower the rating if Kantar fails to reduce restructuring costs and other one-off expenses and its profitability does not improve in line with our base case. This could result in weaker EBITDA and continued negative FOCF weighing on the group's liquidity, rendering its capital structure unsustainable in the medium term. "Although an upgrade is unlikely in the near term, we could raise our rating on Kantar if operating performance improves significantly above our forecast, adjusted leverage falls to about 7.0x on a sustained basis, and the group consistently generates positive FOCF, with FOCF to debt approaching 5%. An upgrade would also hinge on the group's financial policy to support deleveraging, with no major debt-funded acquisitions or shareholder remuneration." KIDDE-FENWAL INC: Files Amended Plan; Plan Hearing March 23, 2026 ----------------------------------------------------------------- KFI Wind-Down Corp. f/k/a Kidde-Fenwal, Inc., submitted a Revised Fourth Amended Disclosure Statement describing Fifth Amended Plan of Liquidation dated October 1, 2025. The Plan and this Disclosure Statement are being filed in accordance with the Plan Support Agreement, which was entered into on October 18, 2024 by and among the Debtor, Carrier, the Committee and the MDL PEC Co-Leads (together, such parties, the "Settling Parties"). As contemplated by the Plan Support Agreement, the Plan provides that pursuant to and subject to the terms and conditions of the Estate Claims Settlement Agreement, Carrier shall pay a $540 million guaranteed cash payment (the "Guaranteed Cash Payment"), split across five payments over five years, into and make the described contributions of insurance rights to the Primary AFFF Settlement Trust established pursuant to the Plan in exchange for: (i) the resolution, mutual waiver and full and final release of any and all Released Claims capable of being asserted against Carrier and certain other Released Parties by or on behalf of the Debtor or its Estate (the "Estate Claims Settlement") and (ii) a share of the proceeds from the sale of the Debtor's assets and the Remaining Estate Funds net of amounts to fund the Wind-Down Estate pursuant to the Plan. The Plan Support Agreement also provides for a separate settlement of certain direct claims against Carrier in the AFFF MDL by Carrier's payment of $190 million or more, which settlement will be subject to approval in the AFFF MDL. Approval of such settlement is not a condition to confirmation of the Plan in this Chapter 11 Case. Pursuant to the Plan Support Agreement and the Estate Claims Settlement, upon assignment of its insurance rights, Carrier will forego all general liability coverage currently available to itself and its subsidiaries for claims arising out of occurrences during the period of 2005 to 2013, regardless of whether such claims relate to AFFF. Carrier will also assign to the Primary AFFF Settlement Trust its rights to seek reimbursement from its insurance companies for payments made in settlement of AFFF claims, including, without limitation, Carrier's $540 million Guaranteed Cash Payment and its $190 million settlement of direct claims in the AFFF MDL, and Carrier will also forego its rights to see recovery from the assigned insurance policies for any and all non-AFFF liabilities. Like in the prior iteration of the Plan, in full and final satisfaction, settlement, release and discharge of an Allowed General Unsecured Claim, each Holder of a General Unsecured Claim shall be entitled to receive its Pro Rata share of the GUC Liquidating Trust Allocation with all other Allowed Class 4 Claims. The sole recourse of any Holder of a General Unsecured Claim on account of its General Unsecured Claim shall be to the GUC Liquidating Trust. Claims in Class 4 are Impaired. No Holder of an Interest shall receive any Distributions on account of its Interest. On and after the Effective Date, all Interests in the Debtor shall be canceled and shall be of no further force and effect, whether surrendered for cancelation or otherwise. On the Effective Date, the Primary AFFF Settlement Trust shall be funded with the Settlement Trust Assets. From and after the Effective Date, the Primary AFFF Settlement Trust shall (i) in its capacity as disbursing agent, transfer the GUC Liquidating Trust Assets to the GUC Liquidating Trust, provided that, any residual value in the GUC Liquidating Trust Assets after satisfaction of all General Unsecured Claims in accordance with the Plan and Settlement Trust Documents shall be re-allocated to the AFFF Settlement Trust Assets and be subject to the terms of the Primary AFFF Settlement Trust Agreement; and (ii) make Distributions to the Sovereign State AFFF Settlement Trust to the extent and in accordance with the terms set forth in the Settlement Trust Documents. Ballots cast by Holders in Classes entitled to vote must be actually received by the Solicitation Agent on February 9, 2026 (the "Voting Deadline"). Objections to Confirmation of the Plan must be filed with the Bankruptcy Court and served so as to be actually received on February 9, 2026. The Bankruptcy Court has scheduled the hearing to consider confirmation ("Confirmation") of the Plan (the "Confirmation Hearing") to commence on March 23, 2026. A full-text copy of the Revised Fourth Amended Disclosure Statement dated October 1, 2025 is available at https://urlcurt.com/u?l=JLSVQG from Stretto, Inc., claims agent. Counsel to the Debtor: Andrew G. Dietderich, Esq. Brian D. Glueckstein, Esq. Justin J. DeCamp, Esq. Benjamin S. Beller, Esq. Julie G. Kapoor, Esq. Sullivan & Cromwell, LLP 125 Broad Street New York, NY 10004 Tel: (212) 558-4000 Fax: (212) 558-3588 E-mail: dietdericha@sullcrom.com gluecksteinb@sullcrom.com decampj@sullcrom.com bellerb@sullcrom.com kapoorj@sullcrom.com - and - Derek C. Abbott, Esq. Andrew R. Remming, Esq. Daniel B. Butz, Esq. Tamara K. Mann, Esq. Scott D. Jones, Esq. Morris, Nichols, Arsht & Tunnell, LLP 1201 Market Street, 16th Floor Wilmington, DE 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: dabbott@morrisnichols.com aremming@morrisnichols.com dbutz@morrisnichols.com tmann@morrisnichols.com sjones@morrisnichols.com About Kidde-Fenwal Inc. Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures fire protection systems. It offers products such as fire control systems, explosion aircraft protection, laser-based smoke detection devices, electronic gas ignitions, and fire suppressions. Kidde-Fenwal markets its products to mining, manufacturing, education, and commercial sectors. Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the petition filed by its chief transformation officer, James Mesterharm, the Debtor reported assets between $100 million and $500 million and estimated liabilities between$1 billion and $10 billion. The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht & Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as investment banker. Stretto, Inc. is the claims and noticing agent and administrative advisor. KIDTASTIC CONSULTING: Employs Gensburg Calandriello as Counsel -------------------------------------------------------------- Kidtastic Consulting Services Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Gensburg Calandriello & Kanter, P.C. as its counsel in connection with its Chapter 11 case. GCK will provide these services: (a) advise the Debtor with respect to its rights and obligations in the Chapter 11 case; (b) assist the Debtor in the preparation of pleadings, motions, applications, answers, orders, and other legal papers as necessary; (c) represent the Debtor in hearings and negotiations with creditors and other parties in interest; and (d) perform all other legal services required to protect the interests of the Debtor in these proceedings. The firm will bill at standard hourly rates, with Michael A. Gensburg, Esq. billing at $625 per hour and other professionals billing between $350 and $525 per hour, depending on seniority and experience. A retainer of $25,000 has been paid to the firm. According to the application, Gensburg Calandriello & Kanter, P.C. has no connection with the Debtor, creditors, or other parties in interest and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael A. Gensburg, Esq. GENSBURG CALANDRIELLO & KANTER, P.C. 200 West Adams Street, Suite 2425 Chicago, IL 60606 Telephone: (312) 263-2200 E-mail: mgensburg@gcklegal.com About Kidtastic Consulting Services, Inc. Kidtastic Consulting Services, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73339-ast) on August 29, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Alan S. Trust oversees the case. Ronald D. Weiss, P.C. is Debtor's legal counsel. KPOWER GLOBAL: Taps Leverage Supply as Restructuring Officer ------------------------------------------------------------ KPower Global Logistics, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Leverage Supply Chain Group/Leverage Supply Chain, LLC to provide restructuring advisory services and to designate Bobby Clements as Chief Restructuring Officer in its Chapter 11 case. Mr. Clements and LSCG will perform these services: (a) make Mr. Clements available to serve as the Debtor's CRO with full management and operational authority; (b) provide additional personnel to assist with restructuring efforts and bankruptcy-related reporting requirements; (c) establish communication protocols with stakeholders; (d) assist in preparing and reviewing financial projections and cash flow budgets, including implementing cash conservation strategies and processes; (e) prepare and review reports and filings required by the Court or the U.S. Trustee, including schedules of assets and liabilities, statements of financial affairs, and monthly operating reports; (f) assist in preparing a plan of reorganization and related documents; (g) assist the Debtor and counsel in preparing for hearings, testimony, creditor meetings, and creating supporting exhibits and motions; (h) assist the Debtor and counsel in developing litigation strategy and related analysis; (i) identify liquidity needs and determine potential DIP funding requirements; (j) assist in evaluating executory agreements; and (k) perform other advisory services and functions customarily provided in connection with Chapter 11 restructuring matters, as mutually agreed with the Debtor Mr. Clements and LSCG will be compensated at a flat rate of $25,000 per month, which includes up to 100 hours of services. Additional hours beyond 100 will be billed at $250 per hour. Travel expenses are not included and will be billed separately at cost. According to the Debtor, Mr. Clements and LSCG are disinterested within the meaning of the Bankruptcy Code, subject to disclosures regarding a prior engagement with Phoenix Assurance, LLC, an affiliate of the Debtor, which is in the process of being terminated. The firm can be reached at: Bobby Clements Leverage Supply Chain Group/Leverage Supply Chain, LLC 6110 McFarland Station Dr, Suite 1003 Alpharetta, GA 30004 Telephone: (678) 446-0211 E-mail: Info@leveragescg.com About KPower Global Logistics, LLC KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Judge Jennie D Latta handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. KRCM ASTORIA: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On October 8, 2025, KRCM Astoria Portfolio Corp. voluntarily filed for Chapter 11 bankruptcy in the Eastern District of New York. Court filings reveal that the company's debts total between $10 million and $50 million. The petition also notes that KRCM Astoria Portfolio Corp. has 1 to 49 creditors. About KRCM Astoria Portfolio Corp. KRCM Astoria Portfolio Corp. is a real estate company. KRCM Astoria Portfolio Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44859) on October 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by J Ted Donovan, Esq. of Goldberg Weprin Finkel Goldstein LLP. KRONOS ACQUISITION: Nuveen Credit Marks $2.2MM Loan at 14% Off -------------------------------------------------------------- Nuveen Credit Strategies Income Fund (JQC) has marked its $2,236,367 loan extended to Kronos Acquisition Holdings Inc. to market at $1,915,817 or 86% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a Term Loan B to Kronos Acquisition Holdings Inc. The loan accrues interest at a rate of 8.30% per annum. The loan matures on July 8, 2031. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, IL 60606 Telephone: (800) 257‑8787 About Kronos Acquisition Holdings Inc. Kronos Acquisition Holdings Inc. operates as a holding company. The Company, through its subsidiaries, manufactures personal and home care products. L & D CAFE: Gets Final OK to Use Cash Collateral ------------------------------------------------ L & D Cafe, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral in accordance with the amended budget to pay business expenses until the plan confirmation hearing or further court order. As adequate protection, secured lenders will be granted replacement liens on their collateral and all property (excluding avoidance actions) acquired by the Debtor after its Chapter 11 filing that is similar to their collateral. The replacement liens will have the same validity, priority and extent as the lenders' pre-bankruptcy liens, subject to a fee carveout. As additional protection, the Debtor was ordered to keep the secured lenders' insured. The Debtor was directed to transfer $1,000 per month to its legal counsel for Subchapter V trustee fees and may transfer an additional $5,000 per month for other professional fees. These amounts constitute the budgeted line items for professional fees in the Debtor's latest budget, remain property of the estate, and must be held in counsel's trust account pending further court order. The final order is available at https://is.gd/Yhyx4D from PacerMonitor. The lenders asserting an interest in the cash collateral include the U.S. Small Business Administration, WebBank, Rapid Finance, and CFG Merchant Solutions, LLC. However, only the SBA appears to be secured. As of the petition date, the SBA is owed $168,240 and holds a first-position lien on substantially all of the Debtor's assets, backed by a UCC-1 financing statement filed in September 2020. The other creditors have filed more recent UCC-1 statements -- WebBank in April 2024, Rapid Finance in January 2025, and CFG Merchant Solutions in January 2025 -- and are likely unsecured due to the SBA's senior lien and the limited value of the Debtor's assets. About L & D Cafe Inc. L & D Cafe, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19748-PDR) on August 22, 2025. In the petition signed by Constantine N. Manos, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Peter D. Russin oversees the case. Chad P. Pugatch, Esq., at Lorium Law represents the Debtor as bankruptcy counsel. LCPR LOAN: Nuveen Credit Marks $1.1MM Loan at 24% Off ----------------------------------------------------- Nuveen Credit Strategies Income Fund (JQC) has marked its $1,153,000 loan extended to LCPR Loan Financing LLC to market at $881,082 or 76% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a Term Loan B to LCPR Loan Financing LLC. The loan's interest rate and maturity is to be determined. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, IL 60606 Telephone: (800) 257‑8787 About LCPR Loan Financing LLC LCPR Loan Financing LLC provides television services. LEGENCE HOLDINGS: Moody's Hikes CFR to 'B1', Outlook Stable ----------------------------------------------------------- Moody's Ratings upgraded Legence Holdings LLC's (Legence) corporate family rating to B1 from B3, its probability of default rating to B1-PD from B3-PD. Concurrently, Moody's upgraded to B1 from B3 the bank credit facility ratings on the company's $90 million senior secured first lien revolving credit facility due December 2026 and the $1.59 billion ($802 million after amortization and repayment) senior secured first lien term loan due December 2028. Moody's also assigned a new SGL-2 speculative grade liquidity (SGL) rating to Legence. The outlook remains stable. The rating action follows the closing of Legence's initial public offering and listing of its common stock on the Nasdaq. The company used the proceeds, net of fees and expenses, to repay $780 million of its existing term loan, which reduced its total debt by close to half compared to debt levels at June 30, 2025. The upgrade reflects the substantial debt reduction through the IPO, which will materially improve the company's key credit metrics and Moody's expectations that the company will continue to operate at a lower leverage levels going forward. Pro forma of the debt repayment, Moody's expects that debt/EBITDA, including Moody's standard adjustments, will improve to 4.0x from 7.4x for the 12 months that ended June 2025. Reflecting prospects for steady organic growth, Moody's expects leverage to further improve to mid-3x debt/EBITDA by the end of 2026. Governance factors are a key driver of this rating action, reflecting the company's significant debt repayment and more conservative approach to managing its balance sheet going forward. RATINGS RATIONALE Legence's B1 CFR reflects the company's broad service offering and diversified customer base in improving energy efficiency in existing buildings. Legence's business has transformed through acquisitions and over half of the company's profitability originates now from its engineering and consulting business. Legence will continue to benefit from secular trends toward more energy efficient buildings. The company's significant backlog as of June 2025, exceeding its annual sales by about 25%, also provides near term revenue visibility. The rating also reflects the fragmented industry landscape that creates regional competition. Legence has a history of pursuing growth through acquisitions although Moody's expects the company to focus on further improving leverage at least for the next several years. The stable outlook reflects Moody's expectations that solid demand from end markets that have technically demanding buildings, including technology, life sciences, healthcare and education, will support Legence's organic growth for the next several years. The SGL-2 speculative grade liquidity rating of Legence reflects Moody's views that the company will maintain good liquidity over the next 12-15 months from June 30, 2025. This is supported by $98 million of cash on hand as of June 30, 2025 and $85 million availability under the $90 million revolver maturing December 2026, together with around $100 million of positive free cash flow Moody's expects over the next 12-15 months. The B1 ratings on the revolver and the term loans are on par with the CFR, reflecting the group's all bank debt capital structure. Legence Corp., the group's newly created listed holding company and the reporting entity, does not provide downstream guarantee to Legence Holdings LLC, the borrower of the group's debt. However, Legence Holdings generates substantially all of the consolidated revenue, EBITDA and cash flow that aligns its key credit metrics to those measured by Legence Corp.'s financials. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if Legence establishes a track record of operating as an independent public company and sustains commitment to operating at a lower leverage than historically. Specifically, the ratings could be upgraded if leverage is sustained below 3.5x debt/EBITDA and retained cash flow to net debt approaches 20%, while keeping positive free cash flow and good liquidity. Moody's could downgrade the ratings if the company reverts to aggressive financial policy, including material debt-financed acquisitions or returns to shareholders. Specifically, the ratings could be downgraded if leverage rises above 5x debt/EBITDA or retained cash flow to net debt falls below 10%. Sustained negative free cash flow and deterioration in liquidity could also lead to a downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Legence's B1 CFR is two notches above the scorecard-indicated outcome of B3 for the last 12 months period ending June 30, 2025. The difference reflects the recently completed IPO and reduction in leverage. Moody's expects the scorecard-indicated outcome to be consistent with the assigned B1 CFR on a going forward basis. Headquartered in San Jose, California, Legence Corp. provides design, installation and maintenance services for buildings. The company installs HVAC, process piping and other mechanical, electrical and plumbing systems for new facilities. It also upgrades HVAC, lighting and building controls in existing facilities to make them more energy efficient and sustainable. For the 12 months that ended June 2025, the company recorded about $2.2 billion of revenue. LEGENCE HOLDINGS: S&P Ups ICR to 'B+' on Debt Reduction After IPO ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Legence Holdings LLC to 'B+' from 'B-'. At the same time, we raised our issue-level ratings on the company's senior secured debt to 'BB-' from 'B-' and raised our recovery ratings to '2' from '3' to reflect the greater recovery prospects for lenders following the debt repayment. The stable outlook reflects our expectation that the company will grow organic revenues by about 5% in 2025 and 2026, while maintaining leverage below 5x. Legence completed its IPO on the Nasdaq on Sept. 12, 2025, and used the net proceeds to repay $780 million outstanding under its first-lien term loan ($1.612 billion as of June 30, 2025). Pro forma for the repayment, the company's S&P Global Ratings-adjusted gross leverage improved to 4.0x from 7.3x as of June 30, 2025. Additionally, S&P reassessed its view of the company's business more favorably due to its track record of profitable growth. In 2025, S&P forecasts Legence will generate about $240 million of S&P Global Ratings-adjusted EBITDA. The upgrade reflects Legence's stronger credit metrics following the $780 million debt paydown. S&P said, "We expect the transaction to result in S&P Global Ratings-adjusted debt to EBITDA of about 4.0x in 2025, decreasing to the mid-3x area in 2026, from 7.8x in 2024, reflecting both the significant reduction in gross debt and an expanding EBITDA base. While we expect leverage will decline, the company does not yet have a track record of lower leverage and has not publicly committed to a leverage target." S&P said, "We forecast good annual free operating cash flow (FOCF), even as Legence heightens capital spending for increased fabrication capacity. We expect the company will generate FOCF of $90 million-$100 million in 2025 before improving in 2026 to more than $135 million. We attribute the majority of the change to a decreased interest burden with a lower total debt figure, reduced one-time costs related to the IPO (which we do not expect to carry into 2026), and some benefit from a 75 bps rate reduction under the existing credit agreement as a result of the offering." Legence has demonstrated substantial growth since being acquired by Blackstone. It increased revenue to $2.2 billion as of June 2025 from $605 million in 2020, alongside a significant increase in S&P Global Ratings-adjusted EBITDA to $236 million over the same period. This growth has been fueled by over 20 acquisitions, significantly expanding the company's size and scale. S&P said, "We view Legence's business favorably given its strong exposure to high-growth sectors, including data centers, technology, life sciences, and health care, which together comprise 55% of its client base and include a notable 60% of Nasdaq-100 companies. Supported by its comprehensive, end-to-end MEP [Mechanical Electrical Plumbing] solutions, we anticipate continued revenue growth of approximately 12% in 2025, driven by recent acquisitions, and solid organic growth of 5% in 2026, maintaining EBITDA margins of about 10%. "Based on these factors, we revised our business risk assessment to fair from weak. Still, Legence generates the majority of its revenue in the U.S., lacks the customer or geographic diversification of higher-rated peers with similar leverage profiles, and has S&P Global Ratings-adjusted EBITDA margins that are relatively low for facility service companies." Legence remains roughly 71% owned by financial sponsor Blackstone. S&P said, "Given the sponsor maintains a majority ownership stake following the IPO, we consider Legence to be at greater risk of a future leveraging event or potential reversal in its financial policies to a more-aggressive stance than peers not owned by sponsors. However, we believe there is minimal likelihood that such an event would increase leverage above 5x." S&P said, "While the company's revolving credit facility and internal cash flows provide it with ample capacity for tuck-in acquisitions, we expect a cautious approach to larger, transformative deals to avoid a significant increase in leverage. Nevertheless, we anticipate the financial-sponsor owners will maintain a more conservative financial policy as a public company. "The stable outlook reflects our expectation that Legence will grow organic revenues by about 5% in 2025 and 2026 while maintaining leverage below 5x." S&P could lower its rating on Legence if it expects leverage to exceed 5.5x on a sustained basis and FOCF to debt declines below 5%. This could occur if: -- The company's operating performance deteriorates; -- It does not successfully integrate its newly acquired companies; -- Intense price-based competition weakens its EBITDA margins; or -- Management pursues aggressive shareholder returns. S&P could raise its rating on Legence if it continues to expand by profitably integrating its acquisitions while sustaining S&P Global Ratings-adjusted leverage comfortably below 5x. Under this scenario, S&P would expect the company to: -- Refrain from pursing aggressive debt-funded shareholder returns or acquisitions without commensurate EBITDA contributions; -- Continue to increase S&P Global Ratings-adjusted EBITDA margins from current levels; -- Sustain FOCF to debt above 10%; and -- Reduce financial-sponsor ownership. LIBERTY INTERACTIVE: Moody's Cuts CFR to 'Caa3', Outlook Negative ----------------------------------------------------------------- Moody's Ratings downgraded Liberty Interactive LLC's ("Liberty Interactive") corporate family rating to Caa3 from Caa1, its probability of default rating to Caa3-PD from Caa1-PD and its senior unsecured ratings to C from Caa3. The speculative grade liquidity rating (SGL) of Liberty Interactive was downgraded to SGL-4 from SGL-3. Moody's also downgraded the ratings of the senior secured notes issued by QVC, Inc. to Caa3 from Caa1. The outlook for both issuers was changed to negative from stable. The downgrades reflect governance considerations including the company's large debt load with Moody's expectations of leverage of about 7.5x by year-end 2025 and the refinancing risk associated with its almost fully drawn $3.25 billion revolving credit facility due October 2026. The downgrades also reflect the significant deterioration in Liberty Interactive's operating performance in 1H'25 caused by accelerating cable cord-cutting, falling customer count and lower customer engagement. Moody's expects these trends to continue as the company contends with secular pressures to its core business, an uncertain demand environment for discretionary products and an expectation for elevated costs associated with higher tariffs. Liberty Interactive's businesses are highly dependent on imported product including a material (though reducing) level of imports from China. "A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee." The negative outlook reflects Moody's expectations that given the large amount of maturing debt, weak operating performance expectations and limited sources of repayment, a restructuring of the company's capital structure is likely. RATINGS RATIONALE Liberty Interactive's Caa3 corporate family rating reflects its high leverage, weak liquidity and refinance risk associated with its nearly fully drawn $3.25 billion revolver which expires in October 2026. It also reflects the difficulties the company is facing as it seeks to stabilize its revenue and EBITDA levels in an uncertain demand environment for discretionary products and faces cost pressures associated with tariffs. Liberty Interactive, through its parent QVC Group, Inc. ("QVCG") is also contending with secular pressures that include a growing number of consumers who are canceling their cable subscriptions which is weighing on customer count, increased price transparency and shorter product life cycles. Nonetheless, QVCG continues to have a substantial position within online shopping and is continuing to focus on increasing streaming to widen its customer reach. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if there is a sustained improvement in operating performance which leads to positive free cash flow generation and an improvement in credit metrics, lessening the overall likelihood of default and the expected recovery rate improves. An upgrade would also require a successful extension of its revolver's October 2026 expiration date and an ability to address its other debt maturities in a timely manner. The ratings could be downgraded if the company were to default on its debt or if recovery expectations deteriorate further. Headquartered in West Chester, Pennsylvania (recently moved from Englewood, Colorado), Liberty Interactive LLC, is a wholly owned subsidiary of its parent QVC Group, Inc. ("QVCG"), formerly named Qurate Retail, Inc. QVCG operates the QVC, HSN and Cornerstone Brands. Moody's credit analysis considers the consolidated QVC Group organization and all credit metrics quoted are at the QVC Group level. QVC, Inc. was founded in 1986 and has operations in the US, UK, Germany, Japan and Italy. Annual revenue at QVC Group, Inc. was about $9.6 billion for LTM period ended June 30, 2025. The principal methodology used in these ratings was Retail and Apparel published in September 2025. Liberty Interactive's Caa3 CFR is set four notches below its scorecard-indicated outcome of B2 which reflects the company's significant refinancing risk and possibility of a capital structure restructuring. The differential also reflects Moody's expectations of a continuation of financial performance weakness which will erode credit metrics and liquidity. LIVE NATION: Moody's Rates Proposed Secured Loans 'Ba1' ------------------------------------------------------- Moody's Ratings assigned Ba1 ratings to Live Nation Entertainment, Inc.'s (Live Nation) proposed new senior secured multi-currency and venue expansion revolving credit facilities, new senior secured delayed draw term loan A, and new senior secured term loan B. Moody's also affirmed the company's Ba2 corporate family rating, Ba2-PD probability of default rating, Ba1 ratings on its senior secured notes due 2027 and 2028, and the Ba3 rating on its senior unsecured notes due 2027. The company's speculative grade liquidity rating (SGL) was unchanged at SGL-1. The outlook remains stable. The Ba1 ratings on the company's existing senior secured revolving credit facilities due 2029 and senior secured term loan B due 2026, and the Ba3 rating on its senior unsecured notes due 2026 have been reviewed in the rating committee and they remain unchanged. The ratings will be withdrawn when the refinancing transaction closes and they are repaid. Live Nation is proposing to raise $1.3 billion senior secured term loan B due 2032, $700 million delayed draw senior secured term loan A due 2030, and $1.4 billion convertible notes (including greenshoe) due 2031. The company is also proposing to amend and extend the maturity of its revolving credit facilities that total $1.7 billion to 2030 from 2029. Live Nation plans to use the proceeds from the transaction to repay $775 million of drawings under its revolving credit facilities, repay $824 million outstanding under its senior secured term loan B due 2026, repay $300 million outstanding under its 5.625% senior unsecured notes due 2026, and retain the remainder as cash on its balance sheet for general corporate purposes, including venue expansion. While the transaction will increase pro forma debt/EBITDA as of LTM Q2/2025 by 0.8x to 4.8x, excluding the impact of the delayed draw term loan, Moody's expects the ratio to settle towards 4x by the end of 2026. "The ratings affirmation reflects a balance between the increase in debt and financial leverage and Moody's expectations that robust demand for live events will enable the company to expand EBITDA and sustain debt/EBITDA appropriate for the Ba2 CFR through the next 12 to 18 months", said Peter Adu, a Moody's Ratings analyst. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE Live Nation's Ba2 CFR benefits from: (1) a large scale and strong market position, enhanced by established relationships with performing artists, which create substantial barriers to entry; (2) sustainable and predictable cash flow due to its established platform for concert promotions and ticketing; (3) material improvement in debt/EBITDA post COVID-19 pandemic, supported by EBITDA growth, together with Moody's expectations that the ratio will be sustained towards 4x by the end of 2026 (pro forma 4.8x for LTM Q2/2025); (4) good long term growth prospects, especially in emerging markets where rising middle class incomes will drive increased consumption of live events; and (5) very good liquidity boosted by positive free cash flow generation. The rating is constrained by: (1) reputational and regulatory risks from periodic publicity and ongoing lawsuits while exposed to event risk of regulatory changes addressing its substantial market position or mandated consumer protection initiatives; (2) a business model that is tied to live events, which are discretionary and subject to material volatility as was experienced during the pandemic; and (3) governance risks stemming from its lack of a publicly articulated financial leverage target despite having an acquisition growth strategy together with its ownership profile, which could introduce shareholder friendly actions. Live Nation will maintain three classes of debt when the refinancing transaction closes even though the relative proportions will vary: (1) Ba1-rated senior secured credit facilities (revolvers, delayed draw term loan A and term loan B) and senior secured notes; (2) Ba3-rated senior unsecured notes; and (3) unrated subordinated convertible notes. The Ba1 rating on the company's secured debt is one notch above the CFR to reflect their preferential access to realization proceeds as well as loss absorption capacity provided by junior ranking unsecured notes and subordinated convertible notes. The Ba1 rating incorporates a one notch override because the security package is provided by domestic restricted subsidiaries and there is material value in the foreign subsidiaries that do not provide guarantees. Also, the proportions of secured, unsecured and convertible debt in the capital structure have changed over time. The unsecured notes are rated Ba3, one notch below the CFR, to reflect the sizeable amount of secured debt ranking ahead of them. The new credit facilities include the following: incremental pari passu debt capacity up to the greater of a corresponding dollar amount and 100% of LTM EBITDA, plus unlimited amounts subject to 4.5x secured leverage ratio. There is an inside maturity sublimit up to 75% of LTM EBITDA. The credit agreement is expected to include "J. Crew" and "Chewy" blockers. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring affected lender consent for amendments that subordinate the debt or liens. Live Nation has very good liquidity (SGL-1) through September 30, 2026, with sources approximating $4.3 billion while the company will address debt maturities in this time frame as part of its refinancing transaction. Liquidity sources include pro forma unrestricted cash of about $1.9 billion ($7.1 billion balance sheet cash less $1.7 billion in ticketing client cash, $4.3 billion in net event-related deferred revenue and accrued artist fees, and about $800 million cash to the balance sheet from the refinancing transaction), full availability under its new $1.3 billion revolving credit facility and new $400 million venue expansion revolving credit facility, both expiring in October 2030, and Moody's free cash flow estimate of about $700 million over the next 12 months. Moody's expects the company to remain in compliance with a 6.75x net leverage covenant, with a step down to 6.25x on March 31, 2027 (more than 40% cushion). Live Nation has limited ability to generate liquidity from asset sales. The outlook is stable because Moody's expects the company to continue demonstrating good operating performance and maintaining very good liquidity while sustaining debt/EBITDA towards 4x by the end of 2026. The stable outlook also assumes that the outcomes of the US Department of Justice (DOJ) and the US Federal Trade Commission (FTC) lawsuits will be manageable for the company. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company's operating fundamentals continue to improve, including growth in revenue and EBITDA while maintaining very good liquidity and sustaining debt/EBITDA towards 3x and EBITA/Interest above 4.5x. The ratings could be downgraded if the company's growth strategy were challenged, evidenced by material revenue or EBITDA declines or if it sustains debt/EBITDA above 4.5x and EBITA/Interest below 3.5x. Weak liquidity, possibly due to negative free cash flow generation on a consistent basis could also cause a downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Live Nation, headquartered in Beverly Hills, California, owns, operates and/or exclusively books venues and promotes live entertainment with operations in North America, Europe, Asia and South America. The company also operates a leading live entertainment ticketing and marketing company (Ticketmaster). LIVE NATION: S&P Rates New $1.3BB Senior Secured Term Loan 'BB' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '2' recovery rating to Beverly Hills, Calif.-based Live Nation Entertainment Inc.'s proposed $1.3 billion senior secured term loan B due 2032. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 85%) recovery for debtholders in the event of a default. The company plans to use the net proceeds from this offering, along with the issuance of $1.3 billion senior unsecured convertible notes due 2031 (not rated) and $100 million of greenshoe options, to refinance its existing term loan B due 2026, pay down its 5.625% senior notes due 2026, repay its $775 million revolver balance, and add cash to the balance sheet for general corporate purposes. Live Nation also plans to extend the revolver maturity to 2030 from 2029 and issue a $700 million delayed-draw term loan A due 2030 (undrawn at close) to fund growth initiatives, including venue development. The proposed refinancing is net leverage neutral and will improve Live Nation's debt maturity profile. S&P said, "We view the proposed convertible notes as structurally subordinate to both the senior secured debt and senior unsecured notes because they won't have guarantees. The notes will improve the recovery prospects for the company's senior unsecured noteholders. As a result, we revised our recovery rating on Live Nation's existing senior unsecured notes to '4' from '5' and raised the issue-level rating to 'BB-' from 'B+'. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 30%) recovery for noteholders in the event of a default." The revised recovery rating reflects the lower amount of senior unsecured notes outstanding under our simulated default scenario, leaving more residual value for unsecured noteholders. It also reflects a higher valuation of the business following Live Nation's strong performance, new venue expansions, and improved scale. S&P said, "Our 'BB-' issuer credit rating and negative outlook on Live Nation are unchanged. The rating reflects the company's leading market share in event ticketing (through subsidiary Ticketmaster) and its strong competitive position in the live entertainment industry. The rating also reflects our expectation for the company to continue to benefit from strong event supply despite some macroeconomic uncertainty. The negative outlook reflects the Department of Justice (DoJ) and Federal Trade Commission (FTC) lawsuits, which could result in divestitures, a permanent injunction, or financial compensation. Although we forecast Live Nation's adjusted leverage to be below 4x, which is low for the 'BB-' rating, we're unlikely to raise the rating or revise the outlook to stable until the potential impact of the lawsuits becomes clearer and we believe the consequences aren't severe and won't impair the company's business position or financial profile." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Following the proposed transaction, Live Nation's capital structure will consist of a $1.7 billion revolving credit facility (RCF) due 2030 (assumed 85% drawn at hypothetical default), $1.3 billion of term loan B due 2032, $1.2 billion of 6.5% senior secured notes due 2027, $500 million of 3.75% senior secured notes due 2028, $950 million of 4.750% senior unsecured notes due 2027, $1.0 billion of 3.125% convertible notes due 2029, $1.1 billion of 2.875% convertible notes due 2030, and $649 million of other long-term debt. The convertible notes aren't rated and don't benefit from any guarantees, making them structurally subordinate to the senior secured debt and senior unsecured notes. -- S&P's simulated default considers a default in 2029 due to heightened regulatory scrutiny, competition from larger primary ticketing peers, and legal concerns, such as the potential disruption of Live Nation's competitive position from the antitrust lawsuit. -- In a hypothetical default, S&P believes Live Nation's lenders would pursue a reorganization rather than a liquidation due to its favorable brand and established relationship with suppliers and customers. -- The senior secured credit facility is secured by a first-priority lien on substantially all the tangible and intangible personal property and domestic subsidiaries that are guarantors; a pledge of substantially all of the shares of stock, partnership interests, and limited liability company interests of direct and indirect domestic subsidiaries; and 65% of each class of capital stock of any first-tier foreign subsidiaries (subject to certain exceptions). -- S&P assumes an obligor/nonobligor split of 55%/40%/5% to its estimated distressed net enterprise value (EV). This is based on its assumption that about 65% of the net distressed EV is attributable to U.S. operations and the value of unpledged U.S. collateral is about 5% of its net distressed EV estimate. S&P's collateral allocation assumes that U.S. secured lenders benefit from Live Nation's U.S. intellectual property and artist contracts. -- Other default assumptions include an 85% draw on the RCF, SOFR is 2.5%, and all debt amounts include six months of prepetition interest. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $829.5 million -- EBITDA multiple: 6.5x -- Estimated gross enterprise value at emergence: About $5.392 billion Simplified waterfall -- Net enterprise value (after 5% administrative costs): About $5.122 billion -- Valuation split (obligors/nonobligors/unpledged): 55%/40%/5% -- Net value available to senior secured debtholders: About $4.514 billion -- Estimated senior secured debt claims: About $5.204 billion -- Recovery expectations: 70%-90% (rounded estimate: 85%) -- Net value available to senior unsecured debtholders: About $973 million -- Estimated senior unsecured debt claims (including deficiency claims): About $2.814 billion -- Recovery expectations: 30%-50% (rounded estimate: 30%) *All debt amounts include six months of prepetition interest. LIVEONE INC: Appeals Nasdaq Delisting Following Reverse Split ------------------------------------------------------------- As previously reported, on March 28, 2025, the staff of the Listing Qualifications Department of The Nasdaq Stock Market, LLC notified LiveOne, Inc. that the listing of the Company's shares of common stock, $0.001 par value per share, was not in compliance with Nasdaq Listing Rule 5550(a)(2) as a result of the bid price of the Company's common stock having closed at less than $1.00 per share over the then previous 30 consecutive business days. On September 25, 2025, the Company received a delist determination letter from the Staff advising the Company that the Staff had determined that the Company did not regain compliance with the Bid Price Rule by the September 24, 2025 deadline, and that the Company was not eligible for a second 180 day extension period due to the Company not meeting the minimum stockholders' equity initial listing requirement for The Nasdaq Capital Market. Accordingly, unless the Company requested an appeal of this determination by October 2, 2025, the Staff had determined that the Company's securities would be scheduled for delisting from The Nasdaq Capital Market. As a result of effecting the Reverse Stock Split and timely filing the Appeal, the Company fully expects to regain compliance with the Bid Price Rule and to continue to trade on The Nasdaq Capital Market under the symbol "LVO". On September 25, 2025, the Company timely appealed the Staff's delisting determination by submitting a hearing request to the Nasdaq Hearings Panel, which request automatically stays the delisting of the Company's common stock by the Staff at least until the hearing process concludes and any extension granted by the Panel expires. In the interim, the Company's common stock will continue to trade on Nasdaq under the symbol "LVO" at least pending the ultimate conclusion of the hearing process. As previously reported, the Company received approval from Nasdaq to effect a one-for-ten reverse stock split of the Company's outstanding shares of common stock. The Company effected the Reverse Stock Split in the market on September 26, 2025 and its common stock began trading on The Nasdaq Capital Market on a split-adjusted basis at the market open on such date. At the Panel hearing, the Company intends to present a plan to regain compliance with the Bid Price Rule. The Panel may, in its discretion, determine that the Company has demonstrated compliance with the Bid Price Rule and/or grant the Company up to an additional 180-day compliance period to regain compliance and maintain its Nasdaq listing. There can be no assurance that the Company's plan will be accepted by the Panel, that such appeal will be successful or that the Company will be able to regain compliance with the Bid Price Rule. In addition, there can be no assurance that in the future the Company will be able to maintain compliance with the Bid Price Rule and/or comply with the other applicable Nasdaq continued listing requirements and thereby be able to maintain the listing of its common stock on The Nasdaq Capital Market. About LiveOne Headquartered in Beverly Hills, California, LiveOne, Inc. -- www.liveone.com -- is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company is a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, streaming and video content. Through its comprehensive service offerings and innovative content platform, it provides music fans the ability to listen, watch, attend, engage and transact. Serving a global audience, the Company's mission is to bring the experience of live music and entertainment to consumers wherever music and entertainment is watched, listened to, discussed, deliberated or performed around the world. As of June 30, 2025, the Company had $48.9 million in total assets, $61.0 million in total liabilities, and $12.1 million in total stockholders' deficit. New York, New York-based Macias Gini & O'Connell LLP, the Company's auditor since 2022, a "going concern" qualification dated July 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Macias Gini & O'Connell cited that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. LOS TRECE TEXAS: St. Amas Win Bid to Dismiss Bankruptcy Case ------------------------------------------------------------ Judge Shad M. Robinson of the United States Bankruptcy Court for the Western District of Texas granted the motion filed by Darrin and Jayme St. Ama to dismiss Los Trece Texas, LLC's bankruptcy case. The Court will grant the Motion to Dismiss under 11 U.S.C. Sec. 1112(b)(1) and (b)(4) and will dismiss the case with prejudice. Los Trece Texas, LLC operates a wild west themed attraction located at 3901 Hwy. 84-183 E., Early, Texas, commonly referred to as "Los Trece". On March 7, 2023, one of the Debtor's principals, Carrie Wells, agreed to purchase the Los Trece business assets -- including the underlying real estate -- from the St. Amas for $2,047,013.00. To acquire the real and personal property used to operate Los Trece, the Debtor executed a promissory note dated March 7, 2023 in the original principal amount of $1,812,013.00 payable to the St. Amas. To secure the Note, the St. Amas recorded a deed of trust against the real property where the Los Trece business was operated. The Debtor started making monthly payments on the Note in September 2023, but in the late spring of 2024, the Debtor requested that the St. Amas renegotiate the terms of the Note. The St. Amas apparently did not agree to renegotiate the terms of the Note and instead posted the Real Property for a June 4, 2024 foreclosure sale. On July 1, 2024, Debtor filed a voluntary petition for relief under Chapter 11 Subchapter V. The parties agree that Debtor filed this bankruptcy case to prevent the St. Amas from foreclosing on the Real Property. The Deed of Trust was signed by Ms. Wells, Christopher Chitsey, and Kacy Wells, each of whom was identified as a member of the Debtor. On May 29, 2024, the Debtor filed suit against the St. Amas in state district court in Brown County, Texas, asserting claims against the St. Amas for breach of contract, negligent misrepresentation, negligence, common law fraud, statutory fraud, and Texas Deceptive Trade Practices Act violations. The state court case was styled and numbered Los Trece Texas, LLC, Plaintiff, vs. Darren B. St. Ama and Jayme L. St. Ama, Defendants, Cause No. CV2405166, previously pending in the 35th Judicial District Court in Brown County, Texas. The Original Schedules and SOFA value the Debtor's interest in the Real Property at $1,152,570.00 as of the Petition Date. In the Amended Schedules, Debtor lowered its valuation of the Real Property from $1,152,570.00 to $600,000.00. The Amended Schedules still did not disclose any possession, ownership, or leases of any tiny homes or recreational vehicles. On September 30, 2024, the Debtor filed its original Subchapter V Plan, which valued the Real Property at $600,000.00. The Original Plan projected the Debtor's monthly revenue would increase substantially and continue to trend upwards during the Original Plan's term. The Original Plan provided that no executory contracts or unexpired leases would be assumed. The liquidation analysis attached to the Original Plan did not include any valuation for tiny homes or recreational vehicles. The terms of the Original Plan also did not require Ms. Wells, Mr. Wells, Mr. Chitsey, KC REI, or any other person or entity affiliated with Debtor to provide financial support to the Debtor to perform its obligations under the Original Plan. The St. Amas voted against the Original Plan and the Subchapter V Trustee filed an objection to confirmation. The Subchapter V Trustee stated that the Debtor's projections did not appear consistent with post-petition operations. The Subchapter V Trustee noted that there was no other outside source of funding and no cash contribution outside of the Debtor's income from post-petition operations. The Subchapter V Trustee observed that the Original Plan did not specify that the Debtor's property would revest to the Debtor once all payments were made only if the Original Plan was confirmed under Sec. 1191(b). On January 24, 2025, the Debtor filed an amended Subchapter V Plan. The Amended Plan reduced the amount available to pay creditors by 91,086.00. Simultaneously with the filing of the Amended Plan, the Debtor filed a motion for a scheduling conference and requested that the plan confirmation hearing occur either with, or after completion of, the trial in the Adversary Proceeding. On January 28, 2025, the St. Amas filed the Motion to Dismiss. According to the December 2024 monthly operating report, the Debtor had negative $10,821.67 in cash on hand and $12,338.56 in unpaid bills at the end of December. The Debtor generally has not met the monthly projected cash receipts set forth in the monthly operating reports. The Debtor admits it has not been profitable. The parties agree that the St. Amas have received no payments from the Debtor since June 1, 2024. The St. Amas allege that this case is primarily a two-party dispute between them and a dishonest debtor. The St. Amas assert that the Debtor: (1) has failed to make honest disclosures in its bankruptcy filings, such as improperly scheduling secured creditors as unsecured; (2) has filed monthly operating reports reflecting no chance of reorganization; (3) has filed the Original Plan that the Debtor later admitted was not confirmable; (4) has filed an unconfirmable Amended Plan; and (5) has failed to adequately maintain the Real Property since the bankruptcy case was filed. The Debtor denies that this bankruptcy is a two-party dispute, given that there are other creditors. The Debtor alleges that unlike most two-party disputes, in this case there is no attempt to impede or relitigate a matter that was decided unfavorably in state court. The Debtor states that its ability to operate the business has suffered because the St. Amas have been "trash-talking" the Debtor in the local community which has impacted Debtor's business operations. The Debtor also alleges that the Real Property is in better condition now than it was at the time of purchase. The Debtor asserts there is serious doubt as to whether it even owes any money to the St. Amas. The Debtor requests that the Adversary Proceeding be allowed to continue such that the Court may resolve the "fundamental question" of the St. Amas' standing as a creditor. The Court finds: (1) cause exists to dismiss this case because there is substantial or continuing loss to or diminution of the estate and an absence of a reasonable likelihood of rehabilitation under Sec. 1112(b)(4)(A). (2) there are no unusual circumstances identified and proven by the Debtor under Sec. 1112(b)(2) which would establish that dismissal or conversion of the case is not in the best interest of creditors and the estate. (3) there is bad faith present. The finding of bad faith constitutes additional grounds for dismissal under Secs. 1112(b)(4) and 1129(a)(3) and warrants dismissal with prejudice for 180 days. A copy of the Court's Memorandum Opinion is available at http://urlcurt.com/u?l=U96vdn About Los Trece Texas, LLC Los Trece Texas LLC is a destination for events, weekly live music, food, and hand-crafted cocktails. Los Trece Texas LLC sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10768) on July 1, 2024. In the petition signed by Carrie Wells, as manager, the Debtor estimated assets and liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Shad Robinson oversees the case. The Debtor is represented by: Stephen W Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expressway 400 Austin, TX 78731 Tel: (512) 649-3243 Email: ssather@bn-lawyers.com MARYLAND HEALTH: Case Summary & 13 Unsecured Creditors ------------------------------------------------------ Debtor: Maryland Health Alliance Inc. 7525 Greenway Center Drive, Suite 207 Greenbelt, MD 20770 Case No.: 25-19411 Business Description: Maryland Health Alliance Inc. operates as an outpatient mental health practice providing counseling and rehabilitation services to individuals and families in Maryland. The organization offers group therapy and psychiatric rehabilitation programs with an emphasis on culturally competent care and community engagement. It focuses on promoting personal growth, family well- being, and holistic approaches to mental health within the communities it serves. Chapter 11 Petition Date: October 8, 2025 Court: United States Bankruptcy Court District of Maryland Judge: TBD Debtor's Counsel: Eric S. Steiner, Esq. STEINER LAW GROUP, LLC 3030 Greenmount Ave. Suite 300, PMB 83805 Baltimore, MD 21218-6907 Tel: (410) 670-7060 Fax: (410) 834-1743 Email: info@steinerlawgroup.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Corey A. Williams as president. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FDDDTPQ/Maryland_Health_Alliance_Inc__mdbke-25-19411__0001.0.pdf?mcid=tGE4TAMA MEDICAL SOLUTIONS: Nuveen Credit Marks $3.1MM 1L Loan at 44% Off ---------------------------------------------------------------- Nuveen Credit Strategies Income Fund (JQC) has marked its $3,135,000 loan extended to Medical Solutions Holdings, Inc. to market at $1,741,226 or 56% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a First Lien Term Loan to Medical Solutions Holdings, Inc. The loan accrues interest at a rate of 7.908% per annum. The loan matures on Novembe1, 2028. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, IL 60606 Telephone: (800) 257‑8787 About Medical Solutions Holdings, Inc. Medical Solutions Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides clinical and non-clinical solutions to healthcare clients, such as nursing, allied, therapy professions, and medical services. Medical Solutions serves patients worldwide. METROPOLIS TECHNOLOGIES: Moody's Assigns First Time 'B3' CFR ------------------------------------------------------------ Moody's Ratings assigned a first-time B3 corporate family rating and B3-PD probability of default rating to Metropolis Technologies, Inc. (Metropolis) in connection with the company's refinancing transaction. At the same time, Moody's assigned B3 ratings to the company's proposed $150 million senior secured revolving credit facility due 2030 and a $1.1 billion senior secured term loan B due 2032. The outlook is stable. Metropolis is the largest parking operator in the US and develops artificial intelligence technology for checkout-free payments and seamless user experiences. Proceeds from the new term loan and planned new Series D preferred stock will be used to refinance the company's existing indebtedness, redeem a portion of its outstanding Series C preferred stock and pay related fees and expenses. The company's new 5-year $150 million revolving credit facility is expected to be undrawn at closing. The proposed refinancing follows the company's May 2024 transformational acquisition of SP Plus Corporation (SP Plus), the largest parking operator in North America, for an all cash deal valued at around $1.6 billion. The refinancing transaction is expected to close in October 2025. Governance considerations were a key rating driver. Governance risks include the company's high debt/EBITDA leverage, ownership concentration, weak quality of earnings resulting from substantial EBITDA addbacks, constrained free cash flow generation, and the history of growth through acquisitions. Co-founders and employees remain large minority shareholders with the remaining equity largely held by institutional investment funds. Notably, the board lacks independent directors; however, co-founders and employees control half of the board seats, thereby retaining decisive authority over principal corporate and financial matters. RATINGS RATIONALE The B3 CFR reflects Metropolis' high pro forma debt/EBITDA leverage of 6.6x as of the twelve months ended June 30, 2025 (based on Moody's calculations and incorporating full year EBITDA contribution from recent acquisitions), its operations in the highly fragmented and competitive parking operations industry with high fixed overhead and partially unionized workforce, moderate scale (on net revenue basis, excluding reimbursed expenses), and limited track record of operating as a combined company. Recent transactional expenses following the acquisition of SP Plus in May 2024 have significantly impacted earnings quality and cash flow. The large proportion of these one-time expenses, along with anticipated cost to achieve synergies and technology deployments will continue to limit the company's cash flow generation over the next 12-18 months. However, Moody's believes Metropolis can reduce debt/EBITDA leverage over the next 12-18 months through profitability and margin improvements from deploying Metropolis' technology across the SP Plus existing parking facilities, as well as strategically growing new locations within existing markets. Metropolis' ratings are negatively impacted by corporate governance risks given the company's concentrated ownership and aggressive financial policies. Metropolis' capital structure includes multiple equity classes, including Series C preferred stock with a 12% coupon (subject to board approval, paid in cash or paid-in-kind) and a put option. Absent a qualified IPO, additional debt may be taken by the company to redeem equity. Incremental risk in Metropolis also stems from its exposure to cyclical travel patterns and moderate seasonality. The company's ratings are supported by its strong market positioning as the largest US parking operator with vertically integrated technology solutions, managing over 4,200 locations and serving nearly 19 million registered users on its platform. The company's vertical integration enhances operational efficiency and supports direct consumer relationships. Metropolis is actively deploying proprietary computer vision technology across its SP Plus portfolio. The company benefits from stable demand from ongoing technology conversions, high barriers to entry, and a diversified client base exceeding 1,500, with the top 10 clients contributing less than 15% of gross profit. Approximately 89% of the company's contracts operate under long-term management agreements, which provide for a base monthly fee plus a margin generated on pass-through expense reimbursement. The remaining 11% of contracts are structured under lease terms. While management contracts yield less revenue than lease agreements, they insulate Metropolis from the risks of underperforming locations and ultimately enhance the company's stability. According to the company, the gross profit retention for all Metropolis' properties was around 98% as of twelve months ended June 30, 2025. Moody's expects the company will continue to expand organically and through technology-driven initiatives, including ventures into adjacencies like quick service restaurants (QSRs) and refueling stations. The company's strategy is supported by a shift toward higher-margin payments and technology revenue, alongside operational efficiencies. The company's ratings are further supported by Moody's expectations that Metropolis will maintain adequate liquidity and will not pursue debt-funded acquisitions over the next 12-18 months. The stable outlook reflects Moody's expectations that Metropolis will sustain organic revenue and EBITDA growth in the low to mid single-digit percentage range over the next 12-18 months, successfully integrate recent acquisitions and deliver targeted cost synergies. Moody's anticipates the company will reduce its debt/EBITDA (based on Moody's calculations) to about 6.0x, improving cash flow generation and maintaining adequate liquidity. Moody's expects Metropolis will maintain adequate liquidity over the next 12-15 months. Liquidity sources include a $50 million cash balance at the close of the refinancing transaction, Moody's expectations for modestly positive free cash flow through 2026, and access to a proposed $150 million revolving credit facility due 2030, undrawn at closing. The company has moderate seasonality, largely driven by travel, with the first quarter typically more negative because of deferred revenue swings, which normalizes in the second quarter. Free cash flow will also be affected by acquisition and integration expenses that will strain cash over the next year. Moody's believes that all available liquidity sources to the company provide sufficient coverage relative to the annual mandatory term loan amortization of $11 million, paid quarterly. While there are no financial maintenance covenants on the term loan, the revolver is subject to a springing first lien net leverage ratio set at 9x, as defined in the credit agreement, if the amount drawn at the end of any fiscal quarter exceeds 35% of revolving credit commitments. Moody's do not expect the covenant to be triggered over the near term and believe there is ample cushion within the covenant based on the projected earnings levels for the next 12-15 months. The B3 ratings on Metropolis Technologies Inc.'s senior secured revolving credit facility and term loan B are the same as the B3 CFR because there is a single class of debt in the company's capital structure. Metropolis Technologies Inc, is the borrower under the senior secured credit facilities (revolver and term loan B) and the audited entity. The credit facilities benefit from secured guarantees of the borrower and its wholly-owned existing and subsequently acquired material subsidiaries. Marketing terms for the new credit facilities (final terms may differ materially) include the following: incremental pari passu debt capacity up to the greater of $209 million and 100% of consolidated LTM EBITDA, plus unlimited amounts subject to the closing date first-lien net leverage. There is no inside maturity sublimit. A "blocker" provision restricts the transfer of material intellectual property to any subsidiary which is not a loan party. No unrestricted subsidiary will be allowed to own, hold or have an exclusive license with respect to any material intellectual property. The credit agreement is expected to include a "Serta" protection. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Moody's expects Metropolis will maintain organic revenue and EBITDA growth in the low to mid single-digit percentage range, debt/EBITDA (based on Moody's calculations) is sustained below 6x, EBITA/interest expense (based on Moody's calculations) above 1.5x and free cash flow/debt above 3%, while maintaining good liquidity. The ratings upgrade would also require the company to maintain balanced financial policies. The ratings could be downgraded if revenue or earnings contract, anticipated acquisition synergies or cost synergies fail to materialize, leading to Moody's expectations that debt/EBITDA will be sustained above 7.5x for a prolonged period or EBITA/interest falls below 1x. Furthermore, any deterioration in liquidity – such as Moody's expectations for negative free cash flow generation - could also exert downward pressure on the ratings. The adoption of more aggressive financial strategies, including debt-financed acquisitions or shareholder distributions, may also result in a negative rating action. Metropolis, based in Santa Monica, California, Metropolis is the largest parking operator in the US and develops artificial intelligence technology for checkout-free payments and seamless user experiences. Metropolis holds a portfolio across multiple sectors, including US airports, stadiums, hospitals and major commercial real estate portfolios. Metropolis generated gross revenue of $2.1 billion on a GAAP basis—approximately $1 billion in net revenue as of the twelve months ended June 30, 2025. Ownership is held by four co-founders, employees, along with a broad base of investors and employees. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. METROPOLIS TECHNOLOGIES: S&P Assigns 'B-' ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to parking operator and AI technology company Metropolis Technologies Inc. S&P said, "At the same time, we assigned our 'B-' issue-level rating and '3' recovery rating to the proposed term loan B facility and the $150 million revolving credit facility. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. "The stable outlook reflects our expectation that Metropolis will continue delivering solid revenue growth while improving EBITDA margins and integrating its SP Plus acquisition." This progress should result in deleveraging from projected 12.4x S&P adjusted leverage in 2025 to about 8.1x in 2026 while free operating cash flow (FOCF) turns positive. Metropolis' leading technology and scale position it well in an evolving industry. Following its 2024 acquisition of SP Plus, Metropolis is the largest parking operator in the U.S. The company is integrating its AI-based computer vision technology and automated payment platform into its own managed parking locations. S&P said, "We expect its scale and technological advantage will eventually drive a positive network effect for its users over time. As Metropolis expands its portfolio of tech-enabled parking lots, it should enhance its ability to attract new users by increasing available parking options, supporting sustained growth. The company's vertically integrated business model and digitization also lowers staffing costs and provides data and analytics and dynamic pricing to uplift revenue and margins. These factors, along with long-term service contracts, create a sticky customer base with sustained good gross profit retention (currently 98%). "Metropolis acquired Oosto in January 2025, expanding its capabilities to include biometric security and access solutions. While not projected in our base case, we think Oosto could provide cross selling opportunities by offering threat detection and risk mitigation services to existing Metropolis customers." The parking industry is a fragmented and highly competitive space, and other operators are also adopting technologies to improve operational efficiency. Meanwhile, Metropolis has a short track record, and we see some execution risk associated with the integration of its technology into its recently acquired parking portfolio. S&P said, "Broader consumer acceptance of its parking technology (and the associated payment fees) remains uncertain, in our view. While Metropolis has a clear technological advantage, we think the parking operator industry is crowded. Therefore, Metropolis' will achieve more of its growth through providing more competitive offers than its competitors or by acquiring competitors." Metropolis' business model limits volatility amid changing business environments. A variety of factors such as macroeconomic and microeconomic conditions, traveling trends, zoning laws, and regulations can influence end-customer demand for parking services. S&P said, "We think Metropolis is somewhat insulated from these risks because it operates about 90% of its locations under management contracts, where it typically collects a fixed fee for its services while parking lot revenue and operating costs (including staffing, cleaning, and maintenance) are passed on to the property owner. This also limits some profit margin pressure in scenarios of rising wages or other operating costs. We expect this will keep Metropolis' profitability stable as it continues to scale. While management contracts are largely fixed, Metropolis can collect additional incentive fees if gross revenues exceed its clients' budget." Growth in its payments and software segment will drive both revenue and margin improvement for Metropolis. Along with parking management services (Metropolis' largest segment, at about two-thirds of net revenue) and transportation services (about one-quarter of net revenue), Metropolis also earns revenue from its payment and software segment. The company generates revenue in this segment from transaction fees it charges for using its computer vision technology. S&P said, "With modest capital needed to deploy its technologies, we expect the company will continue to convert additional locations. This should drive rapid growth for the segment and increase the mix of higher-margin payments and software revenue over time, expanding consolidated profit margin. Our forecast reflects S&P Global Ratings-adjusted EBITDA margin improving from an estimated 7.2% in 2025 to 12.5% by 2027." Metropolis will deleverage from elevated levels, but success is predicated on execution of synergy initiatives. S&P said, "Following the proposed transaction, Metropolis will have about $1.9 billion of S&P Global Ratings-adjusted debt, which includes the expected remaining $591 million series C senior preferred stock, which accumulates interest paid in kind (PIK) at 12% annually through our forecast. We also include lease and workers' compensation liabilities in our measure of debt. We net cash, less $10 million assumed to be held physically across parking locations and generally unavailable to repay debt, against total debt. Meanwhile, we think one-time costs, including consulting and transaction related expenses, will drive very high projected leverage of 12.4x for 2025. Given Metropolis' elevated initial leverage compared with entities we would typically rate 'B', we apply a negative comparable ratings analysis modifier to reflect this additional risk." Deleveraging after 2025 will depend on adherence to a conservative financial policy, along with avoiding major leveraging transactions or dividends. Additionally, it will depend on the continued integration of SP Plus and realization of planned synergies. S&P said, "With many of the conversions already under way and under a proven business model, we expect most of the improvements will be achieved. We project Metropolis will decrease leverage to 8.1x in 2026, and further to 6.7x in 2027, assuming previously elevated expenses roll off and it achieves synergies." S&P said, "The stable outlook reflects our expectation that Metropolis will continue delivering solid revenue growth while improving EBITDA margins and integrating its SP Plus acquisition. This progress should reduce leverage to about 8.1x in 2026 from 12.4x in 2025, while FOCF turns positive. "We could lower the rating if we view the company's capital structure as unsustainable in the long term. This could occur if the company faces significant challenges integrating its proprietary technology into its portfolio of parking locations, leading to stalling revenue growth and profit margins that halt its deleveraging progress. "We could raise our ratings on Metropolis if we believe the company will sustain leverage below 7.5x. This could occur if the company executes its strategy successfully with a steady stream of conversions of legacy locations to the Metropolis platform driving growth and margin expansion while it adheres to its stated leverage target." MIDWEST MOBILE: Amends Unsecureds & IRS Claims Pay Details ---------------------------------------------------------- Midwest Mobile Imaging, LLC, submitted a Second Amended Plan of Reorganization dated October 1, 2025. The Debtor proposes to pay the priority claim of the Internal Revenue Service over 60 months. The Debtor will also pay the priority claims of the Missouri Department of Revenue over 60 months. There are fifteen classes of secured claims that are detailed herein. The Debtor is proposing a distribution of $30,000 for prorated distribution to the unsecured nonpriority class. Class 16 consists of the Priority Unsecured Claim of the Internal Revenue Service (Claim No. 2-3) with $29,415.09 total claim amount. The claim will be paid 7% interest of 60 months with payments estimated to be $582.45 per month commencing January 1, 2026. This Class is impaired. Class 18 consists of General Unsecured Claims. This Class shall receive a monthly payment of $500.00 from January 01, 2026 to December 01, 2030 to be disbursed pro rata to the general unsecured creditors. The Debtor reserves the right to make annual payments to certain creditors if the creditor's pro-rata payments total $15.00 or less annually. No interest to be paid. This Class will receive a distribution of $30,000. This Class is impaired. The Debtor's Ch. 11 Plan will be implemented from ongoing business operations, collection against third parties, collection on insurance company, and contributions from the equity interest holder of the Debtor. Subject to the Plan or the order confirming the Plan, on Confirmation of the Plan all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. The Members and Managers of the Debtor immediately prior to the Effective Date shall serve as the Members and Managers of the Reorganized Debtor on and after the Effective Date. Each Member or Manager shall serve in accordance with applicable non-bankruptcy law and the Debtor's certificate or articles of organization and operating agreement, as each of the same may be amended from time to time. A full-text copy of the Second Amended Plan dated October 1, 2025 is available at https://urlcurt.com/u?l=4JeJv0 from PacerMonitor.com at no charge. Counsel to the Debtor: Colin N. Gotham, Esq. Evans & Mullinix, P.A., 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: (913) 926-8700 Fax: (913) 962-8701 Email: cgotham@emlawkc.com About Midwest Mobile Imaging Midwest Mobile Imaging, LLC, is a full-service mobile diagnostic x-ray services provider in Springfield, Mo. Midwest Mobile Imaging sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60002) on January 3, 2025, with up to $500,000 in assets and up to $10 million in liabilities. Dan Taylor, member of Midwest Mobile Imaging, signed the petition. Judge Brian T. Fenimore oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, PA, represents the Debtor as legal counsel. MILOVAN INC: Seeks Subchapter V Bankruptcy in California -------------------------------------------------------- On October 2, 2025, Milovan Inc. voluntarily filed for Chapter 11 bankruptcy in the Southern District of California. According to the petition, the company reported total liabilities estimated between $1 million and $10 million. MILOVAN, INC. stated that the number of its creditors falls within the 1–49 range. About Milovan Inc. Milovan Inc., dba The Market At Hidden Meadows, operates as a local market with an integrated café and deli, offering an assortment of menu items such as sandwiches, salads, pizzas, gourmet deli selections, pastries, soft-serve ice cream, and espresso-based drinks. Milovan Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-04127) on October 2, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge J. Barrett Marum handles the case. The Debtor is represented by Donald Reid, Esq. of Law Office of Donald W. Reid. MISSION LANE: Fitch Assigns 'Bsf' Rating on Class F Notes --------------------------------------------------------- Fitch Ratings has assigned ratings to six classes of Mission Lane Credit Card Master Trust (MLCCMT), Series 2025-C, fixed-rate notes. The notes are backed by a revolving pool of receivables that arise under general purpose, consumer Visa credit card accounts originated and owned by Transportation Alliance Bank, Inc. (dba TAB Bank) and WebBank (both partner banks and account owners), and serviced by Mission Lane LLC (Mission Lane). The Rating Outlook for the notes is Stable. Entity/Debt Rating Prior ----------- ------ ----- Mission Lane Credit Card Master Trust, Series 2025-C Class A LT AAAsf New Rating AAA(EXP)sf Class B LT AAsf New Rating AA(EXP)sf Class C LT Asf New Rating A(EXP)sf Class D LT BBBsf New Rating BBB(EXP)sf Class E LT BBsf New Rating BB(EXP)sf Class F LT Bsf New Rating B(EXP)sf KEY RATING DRIVERS Receivables' Performance and Collateral Characteristics: Underlying collateral characteristics play a vital role in the performance of a credit card ABS transaction. Fitch closely examines such collateral characteristics, including credit quality, seasoning, geographic concentration, delinquencies and utilization rate on credit cards. Trust collateral performance has been normalizing compared to the strength exhibited through the pandemic and is exhibiting stable patterns in recent periods. As of the August 2025 collection period, 60+ day delinquencies decreased to 5.68% from 6.05% a year ago, while gross charge-offs ticked up to 15.25% from 15.04% in August 2024. Monthly payment rate (MPR) and gross yield (net of reversals) increased slightly, to 13.79% and 35.80%, respectively, compared to 13.12% and 35.16% a year ago. Credit enhancement (CE) is adequate, with loss multiples in line with the ratings and Fitch's applicable criteria. The Stable Outlook on the notes reflects Fitch's expectation that performance will remain supportive of the ratings. Originator and Servicer Quality: Fitch considers the partner banks and Mission Lane to be adequate originators and servicer, respectively, as evidenced by the historical delinquency and loss performance of the trust receivables. Mission Lane formerly operated as the credit card division of LendUp Loans LLC prior to its 2018 spinoff as an independent company. It has serviced credit card receivables since 2015, demonstrating extensive experience in credit card origination and operational stability. The availability of a warm backup servicer and the depth of the servicing market further mitigate operational risk. Counterparty Risk: Fitch's ratings of the notes are dependent on the financial strength of certain counterparties. Fitch believes this risk is mitigated by the ratings of the applicable counterparties to the transactions and contractual remedial provisions in the transaction documents that are in line with Fitch's counterparty criteria. Interest Rate Risk: The transaction carries a degree of interest rate mismatch, in line with the market. Interest rate risk is mitigated by the available CE, which comprises of subordination, overcollateralization in the form of the subordinated transferor amount (STA) at 3.00%, and a reserve account. CE supporting class A, B, C, D, E and F notes is 39.79%, 32.96%, 23.41%, 16.18%, 10.16% and 3.00%, respectively. The reserve account will be funded if the three-month average excess spread (XS) percentage falls to or below 4.00% and will not be funded at close. Steady State Assumptions: - Annualized Charge-offs: 17.00%; - MPR: 11.00%; - Annualized Yield: 29.50%; - Purchase Rate: 100.00%. Rating Case Assumptions for class A, B and C notes: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'; - Charge-offs (multiple): 3.50x/3.00x/2.25x/1.75x/1.50x/1.10x; - MPR (haircut): 40.00%/35.00%/30.00%/25.00%/15.00%/7.50%; - Yield (haircut): 35.00%/30.00%/25.00%/20.00%/15.00%/10.00%; - Purchase Rate (haircut): 100.00%/100.00%/100.00%/100.00%/100.00%/100.00% RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Rating sensitivity to increased charge-off rate: Ratings for class A, B, C, D, E and F notes (steady state: 17.00%): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'; - Increase steady state by 25%: 'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'BB-sf'/below 'Bsf'; - Increase steady state by 50%: 'AA-sf'/'Asf'/'BBB-sf'/'BBsf'/'Bsf'/below 'Bsf'; - Increase steady state by 75%: 'A+sf'/'BBB+sf'/'BB+sf'/'B+sf'/below 'Bsf' /below 'Bsf'. Rating sensitivity to reduced MPR: Ratings for class A, B, C, D, E and F notes (steady state: 11.00%): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'; - Reduce steady state by 15%: 'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'BB-sf'/below 'Bsf'; - Reduce steady state by 25%: 'AA-sf'/'Asf'/'BBBsf'/'BBsf'/'B+sf'/below 'Bsf'; - Reduce steady state by 35%: 'A+sf'/'BBB+sf'/'BB+sf'/'BB-sf'/'Bsf'/below 'Bsf'. Rating sensitivity to reduced purchase rate: Ratings for class A, B, C, D, E and F notes (100% base assumption): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'; - Reduce steady state by 50%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'; - Reduce steady state by 75%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'; - Reduce steady state by 100%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'. Rating sensitivity to reduced gross yield: Ratings for class A, B, C, D, E and F notes (steady state: 29.50%): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'; - Reduce steady state by 15%: 'AAAsf'/'AAsf'/'A-sf'/'BBB-sf'/'BB-sf'/below 'Bsf'; - Reduce steady state by 25%: 'AA+sf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'B+sf'/below 'Bsf'; - Reduce steady state by 35%:'AA+sf'/'AA-sf'/'BBB+sf'/'BB+sf'/'Bsf'/below 'Bsf'. Rating sensitivity to increased charge-off rate and reduced MPR: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'; Ratings for class A, B, C, D, E and F notes (charge-off steady state: 17.00%; MPR steady state: 11.00%): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'; - Increase charge-off steady state by 25% and reduce MPR steady state by 15%: 'AA-sf'/'Asf'/'BBB-sf'/'BBsf'/'Bsf'/below 'Bsf'; - Increase charge-off steady state by 50% and reduce MPR steady state by 25%: 'A-sf'/'BBBsf'/'BB-sf'/'Bsf'/below 'Bsf'/below 'Bsf'; - Increase charge-off steady state by 75% and reduce MPR steady state by 35%: 'BBB-sf'/'BBsf'/'Bsf'/below 'Bsf'/below 'Bsf'/below 'Bsf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Rating sensitivity to reduced charge-off rate: Ratings for class A, B, C, D, E and F notes (charge-off steady state: 17.00%): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf '; - Reduce steady state by 50%: 'AAAsf'/'AAAsf'/'AAAsf'/'AAsf'/'Asf'/'BBB-sf'. Some of the subordinate classes of MLCCMT, series 2025-C may be able to support higher ratings based on the output of Fitch's proprietary cashflow model. Since the credit card program is set up as a continuous funding program and requires that any new issuance does not affect the ratings of existing tranches, the CE levels are set up to maintain a constant rating level per class of issued notes and may provide more than the minimum CE necessary to retain issuance flexibility. Therefore, Fitch may decide not to assign or maintain ratings above the ratings in anticipation of future issuances. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by Deloitte & Touch LLP. The third-party due diligence described in Form 15E focused on the comparison and recomputation of certain information with respect to 100 credit card receivable accounts, selected from a credit card receivable listing with respect to 2,886,376 credit card receivable accounts. Fitch considered this information in its analysis, and it did not have an effect on Fitch's analysis or conclusions. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. MJD GLOBAL: Employs Florida Bankruptcy Group as Counsel ------------------------------------------------------- MJD Global Disaster Restoration, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Kevin C. Gleason of Florida Bankruptcy Group, LLC to represent the Debtor-in-possession in its Chapter 11 case. Mr. Gleason will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a Debtor-in-possession and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Mr. Gleason will bill the Debtor $450 per hour, while paralegal services will be charged at $175 per hour. The Debtor paid a non-refundable retainer of $5,000 from the personal funds of its principals, Mr. and Ms. Delvar, and will pay an additional $20,000 from the proceeds of the sale of their homestead property on October 10, 2025. Court costs of $1,738 and one adversary proceeding filing fee are also due under the retainer agreement. Florida Bankruptcy Group, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kevin C. Gleason, Esq. FLORIDA BANKRUPTCY GROUP, LLC 4121 N. 31st Ave. Hollywood, FL 33021-2011 Telephone: (954) 893-7670 Facsimile: (954) 252-2540 E-mail: BankruptcyLawyer@aol.com KGPAECMF@aol.com About MJD Global Disaster Restoration, LLC MJD Global Disaster Restoration, LLC, based in Pompano Beach, Florida, provides disaster restoration services, including water and fire damage restoration, mold remediation, crime scene cleanup, and flood recovery for residential and commercial clients. Established in 2013, the Company offers 24/7 emergency response across Florida. It operates within the environmental services and restoration industry and maintains an online presence through multiple platforms. MJD Global Disaster Restoration, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21681-PDR) on October 2, 2025. At the time of the filing, the Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $1,000,001 and $10 million. Judge Peter D. Russin oversees the case. Florida Bankruptcy Group, LLC serves as the Debtor's legal counsel. MJD GLOBAL: Hires Florida Bankruptcy Group as Legal Counsel ----------------------------------------------------------- MJD Global Disaster Restoration, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Kevin C. Gleason of Florida Bankruptcy Group, LLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a Debtor-in-Possession and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interests of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiations with its creditors in the preparation of a plan. According to court filings, Mr. Gleason will be compensated at an hourly rate of $450 for attorney services and $175 per hour for paralegal services. A non-refundable initial fee installment of $5,000 has been paid from the personal funds of Mr. and Ms. Delvar, with an additional $20,000 to be paid at closing of the sale of their homestead on or about October 10, 2025. Kevin C. Gleason and Florida Bankruptcy Group, LLC represent that they are "disinterested persons" within the meaning of Section 327(a) of the Bankruptcy Code and do not hold or represent any interest adverse to the Debtor or the estate. The firm can be reached at: Kevin C. Gleason, Esq. FLORIDA BANKRUPTCY GROUP, LLC 4121 N. 31st Avenue Hollywood, FL 33021-2011 Telephone: (954) 893-7670 Facsimile: (954) 252-2540 E-mail: BankruptcyLawyer@aol.com About MJD Global Disaster Restoration, LLC MJD Global Disaster Restoration, LLC, based in Pompano Beach, Florida, provides disaster restoration services, including water and fire damage restoration, mold remediation, crime scene cleanup, and flood recovery for residential and commercial clients. Established in 2013, the Company offers 24/7 emergency response across Florida. It operates within the environmental services and restoration industry and maintains an online presence through multiple platforms. MJD Global Disaster Restoration, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21681) on October 2, 2025. At the time of filing, the Debtor reported estimated assets between $10,000,001 and $50 million and liabilities between $1,000,001 and $10 million. Judge Peter D. Russin oversees the case. Florida Bankruptcy Group, LLC serves as the Debtor's legal counsel. MJD GLOBAL: Section 341(a) Meeting of Creditors on November 3 ------------------------------------------------------------- On October 2, 2025, MJD Global Disaster Restoration LLC filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 3, 2025 at 09:30 AM by TELEPHONE. About MJD Global Disaster Restoration LLC MJD Global Disaster Restoration LLC, based in Pompano Beach, Florida, provides disaster restoration services, including water and fire damage restoration, mold remediation, crime scene cleanup, and flood recovery for residential and commercial clients. Established in 2013, the Company offers 24/7 emergency response across Florida. It operates within the environmental services and restoration industry and maintains an online presence through multiple platforms. MJD Global Disaster Restoration LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Fla. Case No. 25-21681) on October 2, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million Honorable Bankruptcy Judge Peter D. Russin handles the case. The Debtor is represented by Kevin Christopher Gleason, Esq. of FLORIDA BANKRUPTCY GROUP, LLC. MK RE HOLDINGS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: MK RE Holdings, LLC FDBA MK 448, LLC FDBA MK 454, LLC FDBA MK 455, LLC 601 E. Erie St., #607 Milwaukee, WI 53202-6227 Business Description: MK RE Holdings, LLC's principal assets are located at 448, 454, and 455 N. 39th St. Milwaukee, WI 53208. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Eastern District of Wisconsin Case No.: 25-25541 Judge: Hon. G Michael Halfenger Debtor's Counsel: Evan P. Schmit, Esq. KERKMAN & DUNN 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: 414-277-8200 Email: eschmit@kerkmandunn.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Natalie L. Karpan as member manager. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PYLLV7Y/MK_RE_Holdings_LLC__wiebke-25-25541__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PS2CAYQ/MK_RE_Holdings_LLC__wiebke-25-25541__0001.0.pdf?mcid=tGE4TAMA MODIVCARE INC: Court Reschedules Chapter 11 Confirmation -------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Friday, October 10, 2025, delayed Modivcare Inc.'s Chapter 11 plan confirmation hearing by three weeks to allow more time for discovery. The extension comes as the medical transport company continues discussions with creditors and other stakeholders over details of its restructuring proposal. The postponement aims to ensure all parties can resolve outstanding discovery issues before the confirmation process resumes, the report states. About ModivCare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MONTGOMERY TRANSPORT: Shuts Down, Plans to File Ch. 7 Bankruptcy ---------------------------------------------------------------- Keiron Greenhalgh of Transport Topics reports that Montgomery Transportation, a Birmingham, Alabama-based flatbed carrier, has shut down operations and is preparing to file for Chapter 7 bankruptcy after a proposed sale to PS Logistics fell through, according to Transport Topics. The company's owner, One Equity Partners, reportedly decided to exit the trucking industry this summer due to mounting financial challenges and deteriorating freight conditions, the report related. The sale to PS Logistics, which ranks among North America's top for-hire carriers, was scheduled to close on September 30, 2025 but was derailed when a restraining order was filed in late September. Montgomery had considered a Chapter 11 restructuring with PS as a stalking horse bidder, but the deal was ultimately abandoned. Sources close to the matter said One Equity's decision stemmed from high maintenance costs and an aging fleet, coupled with ongoing weakness in freight rates, according to Transport Topics. Founded in 2011, Montgomery grew into a multifaceted transportation group with about 650 employees and multiple divisions, including Montgomery Transport, MT Dedicated, RM Logistics, and MT Select. Records from the Federal Motor Carrier Safety Administration show Montgomery operated hundreds of tractors and drivers across its brands. Following the shutdown, regional competitors have begun extending job offers to displaced drivers, the report states. Former CEO Rollins Montgomery, now leading Montgomery Entities, denied being responsible for the failed sale and stated he would "never intentionally harm" the company he founded. The closure adds to a growing list of major carrier bankruptcies in 2025, reflecting the persistent downturn in the freight market, which has lasted well beyond historical averages, the report relays. About Montgomery Transportation Montgomery Transportation is a flatbed trucking company headquartered in Birmingham, Alabama. MP OCTOPUS: Gets Final OK to Use Cash Collateral ------------------------------------------------ MP Octopus Pizza, LLC and its affiliates received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to continue to use the cash collateral of secured creditors. The final order authorized the Debtors to use cash collateral to pay amounts expressly authorized by the court, including payments of the U.S trustee's quarterly fees; expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by ConnectOne Bank. This authorization will continue until further order of the court. As protection, ConnectOne Bank and other creditors with a security interest in cash collateral will have a perfected post-petition liens on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. To the extent of any diminution in value of its collateral, CNOB will have a superpriority administrative expense claim under Section 507(b) that is senior to all other administrative expenses. In addition, the Debtors were ordered to keep their property insured in accordance with their obligations under the loan and security documents with secured creditors. The final order is available at https://is.gd/rC5X0u from PacerMonitor. The Debtors' cash collateral consists of cash on hand and funds in their operating bank accounts, primarily derived from the operation of their businesses. As of the petition date, the Debtors had cash and cash equivalents totaling $126,600.17 ($95,730.29 as to Connect One). Connect One holds a lien on the Debtors' assets securing obligations totaling $3,963,573.77. The value of the collateral securing these obligations is $533,403.46, according to court papers filed in November 2024. About MP Octopus Pizza LLC MP Octopus Pizza LLC, doing business as Marco's Pizza, filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06739) on November 15, 2024, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Terry Burkholder, manager of MP Octopus Pizza, signed the petition. Judge Catherine Peek McEwen oversees the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's legal counsel. ConnectOne Bank is represented by: Matthew A. Barish, Esq. One Boca Place 2255 Glades Road, Suite 300E Boca Raton, FL 33431 Phone: (646) 563-8958 mbarish@coleschotz.com vfink@coleschotz.com -- and -- James T. Kim, Esq. Court Plaza North 25 Main Street Hackensack, NJ 07601 Phone: (201) 525-6210 jkim@coleschotz.com vfink@coleschotz.com NATIONAL MENTOR: S&P Rates New $2.5BB Term Loan and Revolver 'B-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to National Mentor Holdings Inc.'s (dba Sevita; B-/Stable/--) proposed $2.507 billion first-lien term loan B due 2032. S&P is also assigning a 'B-' issue-level rating and '3' recovery rating to Sevita's $314 million revolving credit facility, which will be increased from $160 million and extended to 2030. The '3' recovery rating reflects its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. The term loan includes a refinancing and extension of its existing $1.8 billion first-lien term loan plus an incremental $740 million. Sevita will use the incremental term loan, along with $142 million of equity from its private-equity sponsors, borrowings under its upsized account receivables (AR) facility, and the revolving credit facility, to fund the $835 million acquisition of BrightSpring Community Living (dba ResCare). All our existing ratings on Sevita are unchanged. S&P said, "Our current base case assumes the acquisition of ResCare will close in the second quarter of 2026 (fiscal year ending September 2026). We expect the transaction will increase the company's S&P Global Ratings-adjusted leverage to about 6.1x in 2026, up from our expectation of 5.7x in 2025. Our 'B-' issuer credit rating and stable outlook on Sevita reflect our expectation that the company's enhanced scale following the ResCare acquisition and improved staffing will further improve its operating performance. Though the acquisition will close later than our prior base case and we forecast higher interest expense and transaction fees than previously expected, our expectations for operating performance in 2026 are largely unchanged. For additional information on our view of the acquisition. "In the meantime, we expect 2025 revenues will increase about 4.6% due to continued favorable rate increases. Additionally, we expect S&P Global Ratings-adjusted EBITDA margins of 13.5%-14.0% in 2025, compared with 13.8% in 2024, as Sevita continues to decrease its reliance on contract labor. We anticipate the company will continue to generate strong reported free operating cash flow (FOCF) of about $50 million in 2025 as its profitability improves. This will lead to reported FOCF to debt of 2.0%-2.5%." Issue Ratings--Recovery Analysis Key analytical factors -- Sevita's proposed capital structure will consist of a $225 million AR securitization facility having a priority claim (assumed 100% drawn in a hypothetical default scenario), a $314 million revolving credit facility (assumed 85% drawn), a $2.5 billion senior secured first-lien term loan, and a $180 million senior secured second-lien term loan. -- S&P assumes a base rate of 250 basis points at default, following a covenant breach. -- Sevita's leading national position and the demand for the company's services to "must-serve" populations lead us to believe it would remain a viable business even in default, and it would likely reorganize rather than liquidate. -- S&P values the company on a going-concern basis using a 5.5x multiple of its projected EBITDA at default. This is consistent with the multiples S&P uses for similar companies. Simulated default assumptions -- Simulated year of default: 2027 -- EBITDA at emergence: $328 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1,712 million --Less priority claims: $228 million -- Valuation split in % (obligors/nonobligors): 100%/0% -- Collateral value available to secured lenders: $1,484 million -- First-lien secured debt: $2.8 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) -- Second-lien secured debt: $189 million --Recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. NEEDSPACE VENTURE: Lender Seeks to Prohibit Cash Collateral Access ------------------------------------------------------------------ CB&S Bank asks the U.S. Bankruptcy Court for the Northern District of Mississippi to prohibit or strictly limit Needspace Venture, LLC's use of cash collateral, compel the segregation and turnover of that collateral, and require a full accounting of any such funds used since the bankruptcy filing on September 18. CB&S is the secured creditor under a July 2024 promissory note for over $12.7 million, which was personally guaranteed by Marion Threatt, the sole member of Needspace. The loan is secured by real property known as "Needspace Self Storage" in Southaven, Mississippi -- comprising approximately 576 storage units -- through a deed of trust, security agreement, and UCC financing statement. As of the petition date, the loan balance exceeded $13.7 million, with no payments made since February and arrears totaling nearly $679,000. CB&S asserts that all rental income from the storage units constitutes its cash collateral under 11 U.S.C. Section 363(a), and that the Debtor has neither obtained consent from the bank nor court authorization to use it. The bank is particularly concerned because Needspace operates primarily online and deposits rental payments into unknown accounts, leaving the fate of the funds uncertain. CB&S fears this income is being used improperly or is at risk of dissipation. A court hearing is scheduled for October 22. Responses are due by October 15. About Needspace Venture LLC Needspace Venture LLC provides self-storage solutions in Southaven, Mississippi, offering climate-controlled and standard storage units. Its services include unit rentals, security features, and customer amenities such as moving supplies and truck rentals. Needspace Venture sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13086) on September 18, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Jason D. Woodard handles the case. The Debtor is represented by John Keith Perry, Jr., Esq., at Perry Griffin, PC. CB&S Bank, as lender, is represented by: Andrew Phillips, Esq Mitchell, McNutt & Sams, P.A. P.O. Box 947 Oxford, MS 38655-0947 Tel: (662) 234-4845 Email: aphillips@mitchellmcnutt.com -and- James P. Wilson, Jr. Esq. Mitchell, McNutt & Sams, P.A. P.O. Box 1366 Columbus, MS 39703 Tel: (662) 328-2316 Email: jwilson@mitchellmcnutt.com NEW FORTRESS: Nuveen Credit Marks $1.2MM Loan at 53% Off -------------------------------------------------------- Nuveen Credit Strategies Income Fund (JQC) has marked its $1,245,000 loan extended to New Fortress Energy Inc. to market at $583,594 or 47% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a Incremental Term Loan B to New Fortress Energy Inc. The loan accrues interest at a rate of 9.807% per annum. The loan matures on October 30, 2028. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, Il 60606 Telephone: (800) 257‑8787 About New Fortress Energy Inc. New Fortress Energy Inc. operates as an energy infrastructure company. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure. NIX & NIX FUNERAL: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Nix & Nix Funeral Home Nix and Nix Funeral Homes North Inc. Tunsil Funderal Homes LP West Dauphin St. LP Nix Group Enterprise, Inc. 5408 -01 N 5th St. Philadelphia PA 19120 Business Description: Nix & Nix Funeral Homes North Inc. provides funeral and memorial services, including traditional funerals and cremations, operating in Philadelphia, Pennsylvania. The Company serves families in the local community, offering arrangements and support during end-of-life events. Chapter 11 Petition Date: October 8, 2025 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 25-14091 Judge: Hon. Ashely M Chan Debtor's Counsel: Devin Uqdah, Esq. LEGIS GROUP LLC 3900 Ford Rd Suite B Philadelphia PA 19131 Tel: 484-682-5266 Email: duqdah@legislawyers.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Julian Nix as CEO. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CEJJTGY/Nix__Nix_Funeral_Home__paebke-25-14091__0001.0.pdf?mcid=tGE4TAMA NORTH AMERICAN CONSTRUCTION: DBRS Gives (P)BB(high) Credit Rating ----------------------------------------------------------------- DBRS Limited assigned a provisional credit rating of (P) BB (high) with a Stable trend to North American Construction Group Ltd.'s (NACG or the Company) proposed Senior Unsecured Notes (Proposed Notes), due May 1, 2030. The provisional credit rating is based on a recovery rating of RR4. The credit rating assigned to the Proposed Notes is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. The Company intends to use the net proceeds to repay indebtedness and for general corporate purposes. The Proposed Notes are senior unsecured obligations of the Company and will rank pari passu in right of payment with all other existing and future senior unsecured indebtedness. The Proposed Notes will be effectively subordinated to all existing and future senior secured indebtedness. A provisional rating is not a final rating with respect to the above-mentioned security and may change or be different than the final rating assigned or may be discontinued. The provisional rating listed above is based on the Private Placement Memorandum, Notes Indenture and information provided by NACG to Morningstar DBRS as of October 7, 2025. The assignment of final ratings is subject to receipt by Morningstar DBRS of all information and final documentation that Morningstar DBRS deems necessary to finalize the rating. NOVA AT SUMMER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Nova at Summer Meadow Owner, LLC 16 W. Martin Street Suite 301 Raleigh, NC 27601 Business Description: Nova at Summer Meadow Owner, LLC, based in Raleigh, North Carolina, owns and manages the Nova at Summer Meadows apartment community in Durham, NC, comprising 83 rental units. The Company operates in the multifamily real estate sector, focusing on residential property investment and management. Its services include leasing and maintaining apartment units with amenities such as stainless steel appliances and in-unit laundry. Chapter 11 Petition Date: October 7, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-03953 Judge: Hon. Pamela W McAfee Debtor's Counsel: Joseph Z. Frost, Esq. BUCKMILLER & FROST, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-890-0356 Email: jfrost@bbflawfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Abraham Ng'Hwani as president and chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6UQWWMY/Nova_at_Summer_Meadow_Owner_LLC__ncebke-25-03953__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Apromise Industry Co., Ltd. $11,866 Room S032, 2/F, The Capital 61-65 Chatham Rd S, Tsim, Sha Tsui Kowloon, Hong Kong 2. Argos USA Corp. $15,477 Maurico Ceballos, Registered Agent 3100 Smoketree Court, Ste. 802 Raleigh, NC 27604 3. Duke Energy Progress, LLC $4,691 Attn: CT Corporation System 160 Mine Lake Ct Ste 200 Raleigh, NC 27615-6417 4. Ellington Contractors Inc. $8,347 Attn: Manager, Agent, Officer 4617 Zebulon Road Zebulon, NC 27597 5. Ferguson Enterprises, LLC $8,405 Attn: Manager, Agent, Officer 751 Lakefront Commons Newport News, VA 23606 6. Herc Rentals, Inc. $18,784 Attn: Manager, Agent, Officer 27500 Riverview Center Blvd. Bonita Springs, FL 34134 7. Kaixin Wood Products, Inc. $42,643 Attn: Manager, Agent, Officer 3187 Cornerstone Drive Mira Loma, CA 91752 8. L&W Supply Corporation $48,545 Attn: Manager, Agent, Officer 1 ABC Pkwy Beloit, WI 53511 9. Lema Construction, LLC $6,160 Attn: Manager, Agent, Officer 1720 River Run Ct Franklinton, NC 27525 10. Metalcraft Fabricating Company $48,874 Attn: Manager, Agent, Officer 1316 Old Oxford Highway Durham, NC 27704 11. Pacific Metals Pte, Ltd. $93,061 Attn: Manager, Agent, Officer 1-6-1 Otemachi (Otemachi Bldg) Chiyoda-ku Tokyo 100-0004 12. Qunity, P.A. $17,199 Attn: Manager, Agent, Officer 16 Consultant Place, Ste. 201 Durham, NC 27707 13. Richa, Inc. dba Richa Graphics $2,417 Attn: Manager, Agent, Officer 800 North College Street Charlotte, NC 28206-3227 14. Rigby Electric Supply, Inc. $27,384 Attn: Manager, Agent, Officer 117 Coeco Circle Rocky Mount, NC 27804 15. Sunrock Industries, LLC $5,959 Attn: Manager, Agent, Officer 200 Horizon Drive, Ste. 100 Raleigh, NC 27615 16. Talbert Building Supply, Inc. $529,828 Attn: Manager, Agent, Officer 1101 Old Durham Rd Roxboro, NC 27573 17. TC Builder Supply, Inc. $5,825 Attn: Manager, Agent, Officer 1651 Meriweather Drive Watkinsville, GA 30677-6964 18. Triangle Surveyors, Inc. $2,912 Attn: Manager, Agent, Officer 3715 University Drive Durham, NC 27707-2639 19. USC 433 Hebron, LLC Construction $2,000,000 c/o Urban Standard Capital Loan 233 Broadway, Ste. 1470 New York, NY 10279 20. VSC Fire & Security $86,476 Attn: Manager, Agent, Officer 263 Hein Drive Garner, NC 27529 NOVA LIFESTYLE: BVI Unit Closes Sale of 99.8% Stake in Preamble --------------------------------------------------------------- Nova LifeStyle, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Nova Furniture Limited, a company incorporated in the British Virgin Islands and a wholly owned subsidiary of the Company, closed its subscription of 99.815% interest in Preamble Capital, A Series of CGF2021 LLC, a Delaware Limited Liability Company for $5,664,500.05, as previously disclosed in the Form 8-K filed by the Company with SEC on September 29, 2025. On September 26, 2025, Preamble Capital entered into a Subscription Agreement with a certain fund that holds an aggregate of 353,772 shares of Common Stock of Space Exploration Technologies Corp., a Texas corporation, comprising 121,805 shares of Class A Common Stock and 231,967 shares of Class C Common Stock of SpaceX. Pursuant to the Agreement, Preamble Capital subscribed approximately 6.667% interest of such fund for an amount of $5,660,000.05. On September 29, 2025, Preamble Capital closed the Transaction. About Nova Lifestyle Headquartered in Commerce, Calif., Nova LifeStyle, Inc. is a distributor of contemporary styled residential and commercial furniture incorporated into a dynamic marketing and sales platform offering retail as well as online selection and global purchase fulfillment. The Company monitors popular trends and products to create design elements that are then integrated into the Company's product lines that can be used as both stand-alone or whole room and home furnishing solutions. Through its global network of retailers, e-commerce platforms, stagers, and hospitality providers, Nova LifeStyle also sells (through an exclusive third-party manufacturing partner) a managed variety of high-quality bedding foundation components. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company incurred a net loss and operating cash outflow of $5,561,705 and $1,391,779 respectively for the year ended December 31, 2024 and accumulated deficit of $49,991,515 for the year ended December 31, 2024. These factors, raise substantial doubt about its ability to continue as going concern. As of June 30, 2025, it had $11,634,504 in total assets, $5,087,783 in total liabilities, and $6,546,721 in total stockholders' deficit. OFFICE PROPERTIES: Misses $30.8M Interest on Senior Secured Notes ----------------------------------------------------------------- Office Properties Income Trust disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 30, 2025, it did not make: (i) the required interest payment of approximately $27.4 million due on the Company's 9.000% Senior Secured Notes due September 2029, or the September 2029 Notes, and (ii) the required interest payment of approximately $3.4 million due on the Company's 3.250% Senior Secured Notes due March 2027, or the March 2027 Notes. Under the indentures governing the September 2029 Notes and the March 2027 Notes, the Company has a 30-day grace period to make the required interest payment before non-payment constitutes an "event of default". The Company continue to work with its advisors to pursue its restructuring efforts. Credit Agreement Notice: On September 30, 2025, the Company delivered a notice to Wells Fargo Bank, National Association, or Wells Fargo, as administrative agent under its Second Amended And Restated Credit Agreement, dated January 29, 2024, with Wells Fargo and the applicable lenders, or the Credit Agreement, that: (i) the Company did not make the required interest payments due on the September 2029 Notes and the March 2027 Notes, and: (ii) it expects one or more defaults to occur under the Credit Agreement in connection with the delisting of its common shares from Nasdaq on October 6, 2025. The Company are subject to a 30-day grace period before these events constitute an "event of default" under the Credit Agreement. About Office Properties Office Properties Income Trust is a REIT organized under Maryland law. As of Dec. 31, 2023, its wholly owned properties were comprised of 152 properties, and it had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that owned three properties containing approximately 468,000 rentable square feet. As of Dec. 31, 2023, the Company's properties are in 30 states and the District of Columbia and contain approximately 20,541,000 rentable square feet. As of Dec. 31, 2023, its properties were leased to 258 different tenants, with a weighted average remaining lease term (based on annualized rental income) of approximately 6.4 years. The U.S. government is its largest tenant, representing approximately 19.5% of its annualized rental income as of Dec. 31, 2023. * * * In May 2025, S&P Global Ratings raised its issuer credit rating on Office Properties Income Trust (OPI) to 'CCC-' from 'SD' (selective default) and its issue-level ratings on the senior unsecured notes that were part of the exchange to 'CC' from 'D'. S&P lowered its issue-level rating on the company's 2050 senior unsecured notes, which were not part of the debt exchange, to 'CC' from 'CCC-'. The recovery rating on all the unsecured notes without guarantees remains '5'. S&P said, "We also lowered our issue-level rating on the company's March 2027 and March 2029 senior secured notes to 'CCC+' from 'B-', with the recovery rating remaining '1'. We also lowered our issue-level rating on the company's September 2029 senior secured notes to 'CCC-' from 'CCC', with the recovery rating remaining '3'." "We also assigned our 'CCC+' and '1' recovery rating to the company's new senior priority guaranteed unsecured notes due 2030. The negative outlook on OPI reflects our view that an event of default (perhaps via another distressed debt exchange or a debt restructuring) is likely over the near term." S&P Global Ratings completed its review of OPI following its debt exchange. Significant near-term debt commitments remain and the company's liquidity is constrained. As such, specific events of default are envisioned, including another debt exchange, over the next six months. OFFSHORE SAILING: Court OKs Sailboat Sale to B. Crotty for $215K ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, ft. Myers Division, has granted Offshore Sailing School Ltd. Inc. to sell sailboats, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company which previously owned and operated a sailing school. The School is no longer operating, and the Debtor intends to file a liquidating plan. The Debtor is a debtor as defined in 11 U.S.C. Section 1182(1) who's aggregate noncontingent liquidated debts (excluding debts owed to insiders or affiliates) are less than $3,424,000.00 and which has chosen to proceed under Subchapter V of Chapter 11 of the Bankruptcy Code. The Court has authorized the Debtor to sell sailboats, including a Jeanneau 479 sailboat and certain intellectual property to Brian P. Crotty, or his related assigns, for the total cash price of $215,000.00, free and clear of liens, claims, and interests. The proceeds of the sale shall be deposited and held in the special debtor-in-possession account at Wells Fargo Bank that requires the signature Debtor's counsel until further order of the Court. The Debtor is authorized to pay from the proceeds of the sale any governmental charges or taxes associated with the sale (if any). The Debtor is authorized to pay from the proceeds of the sale to Murray Yacht Sales of Florida, Inc. and any cooperating broker the commission of 10% provided in the Brokerage Agreement. Counsel for the Debtor is authorized and directed to pay to the Subchapter V Trustee from the Special Account the sum of $5,000.00 representing a retainer of $1,000.00 per month since the inception of this case. This sum shall be a credit against any administrative expense awarded to the Subchapter V Trustee pursuant to the Subchapter V Trustee’s Application for Compensation and may be applied by the Subchapter V Trustee pursuant to orders approving her fee applications. About Offshore Sailing School Offshore Sailing School Ltd. Inc. is a provider of sailing and powerboating instruction in the U.S., offering certification courses in cruising, passage making, and racing. It also conducts team-building sailing activities and organizes flotilla vacations for certified sailors. With over 60 years of experience, the school operates in Florida and the British Virgin Islands under the leadership of Steve and Doris Colgate. Offshore Sailing School Ltd. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00921) on May 21, 2025. In its petition, the Debtor reports total assets as of Feb. 28, 2025 amounting to $611,760 and total liabilities as of Feb. 28, 2025 totaling $2,277,797. The Debtor is represented by Leon Williamson, Esq. at Williamson Law Firm. OI SA: Announces Resignation of CFO, CEO ---------------------------------------- Valentine Hilaire of Bloomberg Law, citing a regulatory filing, reported that Oi SA disclosed the resignations of CEO Marcelo Milliet and CFO Rodrigo Caldas Toledo Aguiar. The telecom operator has created a transition committee including Fabio Wagner, Andre Tavares Paradizi, Gustavo Roberto Brambila, and Marcelo Augusto Leite de Moraes to manage the leadership transition. The company added that its Chapter 15 bankruptcy petition is still pending in U.S. court and confirmed the cancellation of an extraordinary shareholders’ meeting that would have addressed a reverse stock split, the report states. About Oi SA Headquartered in Rio de Janeiro, and operating almost exclusively within Brazil, the Oi Group provides services like fixed-line data transmission and network usage for phones, internet, and cable, Wi-Fi hot-spots in public areas, and mobile phone and data services, and employs approximately 142,000 direct and indirect employees. On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the 'Brazilian Bankruptcy Law'), Oi S.A. and certain of its subsidiaries filed for recuperao judicial (judicial reorganization) in Brazil. On June 21, 2016, OI SA and its affiliates Telemar Norte Leste S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15 proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791). Ojas N. Shah, as foreign representative, signed the petitions. Coop and PTIF are also subject to proceedings in the Netherlands. The Chapter 15 cases are assigned to Judge Sean H. Lane. In the Chapter 15 cases, the Debtors are represented by John K. Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida. On July 22, 2016, the New York Court recognized the Brazilian Proceedings as foreign main proceedings with respect to the Chapter 15 Debtors, and granted certain additional related relief. The company exited bankruptcy protection in December 2022. OTWO INC: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------- On October 7, 2025, OTWO Inc. initiated voluntary Chapter 7 bankruptcy proceedings in the Northern District of California. Court documents show the company's debts estimated between $100,001 and $1 million. OTWO, INC. also disclosed having 1 to 49 creditors. About OTWO Inc. OTWO Inc. operates in the restaurant industry. OTWO Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-51551) on October 7, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge M. Elaine Hammond handles the case. The Debtor is represented by Stanley A. Zlotoff, Esq. of Law Offices of Stanley A. Zlotoff. PARENTS TELEVISION: Seeks Chapter 7 Bankruptcy in Delaware ---------------------------------------------------------- Patrick Hipes of Deadline reports that the Parents Television & Media Council, once a powerful voice in American media ethics debates, has filed for Chapter 7 bankruptcy protection. The Burbank-based nonprofit filed its petition in Delaware Bankruptcy Court, listing approximately $92,000 in assets against nearly $285,000 in liabilities. Twenty-six creditors were notified of the case, with a meeting scheduled for November 5, 2025. The filing marks a major downturn for a group that once wielded significant influence over broadcast networks and advertisers. Among its most notable battles was a 2001 campaign against the World Wrestling Federation, accusing it of promoting violent behavior among youth. The company, later renamed WWE, successfully sued the PTC for libel, securing a $3.5 million settlement. The group also gained national attention after the 2004 Super Bowl halftime show controversy involving Janet Jackson, using the incident to press for tighter decency standards in broadcasting, the report states. As entertainment consumption moved online, the council expanded its focus to digital platforms and rebranded to reflect the changing media landscape. Its latest press release, issued last month, urged stronger child protections in artificial intelligence tools — an indication that, even in bankruptcy, the organization continued to pursue its mission of advocating for family-friendly media, the report states. About Parents Television & Media Council Parents Television & Media Council -- established in 1995 by conservative commentator L. Brent Bozell III, the council—originally named the Parents Television Council—was founded to shield children from rising levels of sexual content, violence, and profanity on TV. The organization claimed over 1 million members at its peak, becoming known for aggressive campaigns against what it deemed objectionable programming. Parents Television & Media Council sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11794) on October 3, 2025. In its petition, the Debtor lists approximately $92,000 in assets against nearly $285,000 in liabilities. The Debtor is represented by Michael G. Busenkell, Esq. of Gellert Seitz Busenkell & Brown, LLC. PARKERVISION INC: All Four Proposals OK'd at Annual Meeting ----------------------------------------------------------- ParkerVision, Inc. held its Annual Meeting of Shareholders. The record date for shareholders entitled to notice of, and to vote at, the Annual Meeting was August 4, 2025. At the close of business on that date, the Company had 120,116,916 shares of common stock issued and outstanding and entitled to be voted at the Annual Meeting. Four proposals were submitted to the Company's shareholders at the Annual Meeting. The proposals are described in more detail in the Company's definitive proxy statement filed with the U.S. Securities and Exchange Commission on August 18, 2025. The final voting results were as follows: Proposal 1: The Company's shareholders elected Paul A Rosenbaum and Robert G Sterne as Class III Directors to serve for a term expiring at the 2028 annual meeting. Proposal 2: The Company's shareholders ratified the selection of Frazier & Deeter, LLC as the Company's independent registered public accounting firm for the year ending December 31, 2025. Proposal 3: The Company's shareholders approved, on an advisory basis, the Company's named executive officer compensation. Proposal 4: The Company's shareholders voted on the frequency of future advisory votes on executive compensation. About ParkerVision Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned German subsidiary, ParkerVision GmbH is in the business of innovating fundamental wireless hardware technologies and products. The Company has designed and developed proprietary RF technologies and integrated circuits based on those technologies, and the Company licenses its technologies to others for use in wireless communication products. Atlanta, Ga.-based Frazier & Deeter, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 24, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's current resources are not sufficient to meet their liquidity needs for the next 12 months, the Company has losses from operations, negative operating cash flows and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. Parkervision disclosed $5,879,000 in total assets, $52,291,000 in total liabilities, and $46,412,000 in total shareholders' deficit at December 31, 2024. As of June 30, 2025, the Company had $3.1 million in total assets, $51.4 in total liabilities, and $48.3 million in total shareholders' deficit. PHOENIX AVIATION: S&P Assigns 'B' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to aircraft lessor Phoenix Aviation Capital LLC (PAC), as well as its 'B+' issue rating and '2' recovery rating to the proposed term loan, issued by co-borrowers PAC DAC LLC and PAC Aviation III Designated Activity Co. The stable outlook reflects S&P's expectation for the company's earnings and credit metrics to gradually improve as it executes its fleet expansion plans. PAC intends to issue a $592 million senior secured term loan B to repay its existing warehouse facility and fund upcoming aircraft deliveries. S&P views financial-sponsor-owned PAC as a relatively new and small aircraft lessor, but it has a young aircraft portfolio, and its order book supports growth plans. The 'B' issuer credit rating incorporates S&P's view that PAC is a small aircraft lessor with a limited track record, though its order book supports growth plans. PAC is smaller than most aircraft lessors we rate, with an owned fleet of 17 aircraft and an order book of 30 narrowbody aircraft from Boeing as of June 2025. Additionally, the company has partial ownership of two joint ventures that own 10 LEAP engines and three A330 aircraft. As of June 2025, the total net book value of PAC's owned and committed fleet (including the order book and the partial ownership of the joint ventures) was about $3.0 billion. PAC was incorporated in 2023, although the management team has rich industry experience. Its lessee relationships are concentrated, with only eight lessees and the top five clients accounting for over 80% of its net book value, but S&P expects that to gradually improve as the company grows its fleet. PAC's aircraft fleet has favorable characteristics. The weighted average age of its fleet was 4.2 years as of June 30, 2025, which is on the lower end of the rated peer average of four to eight years. The company's remaining lease term of 7.5 years is on the higher end of the rated peer average of five to eight years, which lowers re-leasing risks. Additionally, the order book provides visibility on capital expenditure and the growth trajectory. The company's owned fleet and order book primarily consist of Boeing B737-8 MAX aircraft, which are highly liquid and have high demand. PAC also has purchase rights on 30 B737-8 MAX aircraft that have terms similar to its order book. S&P said, "We expect the company to complement its growth strategy with opportunistic portfolio trades in the secondary market as well as sale and leaseback transactions. "We expect aircraft lessors, including PAC, will continue to benefit from generally favorable demand trends. We expect PAC's lease yields to be 9%-11% over 2025-2026 and revenue to grow in line with the fleet following upcoming aircraft deliveries. In recent years, demand from airline customers has exceeded aircraft supply amid manufacturer challenges. This has led to good fleet utilization as well as strong lease yields for lessors, ultimately supporting revenue and earnings. "Constrained supply conditions have resulted from persistent delivery delays from original equipment manufacturers, amid challenges including labor strikes and supply-chain quality issues. While these manufacturers have been ramping up production in 2025, we think supply constraints are likely to persist, particularly given engine shortages and reliability issues. We expect these factors will keep lease rates and aircraft values high, benefiting lessors' operations over the next few years. "We expect credit metrics to improve progressively as the company's fleet ramps up, propelling earnings growth and reducing the cost of capital. Nonetheless, we still expect the company's credit metrics to remain relatively weak compared with larger peers', in part because the cost of capital is relatively high. That said, the growing asset base, combined with recent capital structure changes and reduced interest expenses, should support credit metrics. "As such, we expect EBIT interest coverage of 07.x-1.0x, funds from operations (FFO) to debt of 4% or lower, and debt to capital of 75% or lower through 2026, not including preferred equity as debt-like (and debt to capital of over 90% including). We also believe the company's sponsors will make ongoing equity contributions to support upcoming aircraft deliveries, such that debt to capital will remain stable. "The stable outlook reflects our expectation that PAC will continue to grow its fleet while maintaining EBIT interest coverage of 0.7x-1.0x and FFO to debt below 4% (not including preferred equity as debt-like). We also expect the company to operate with debt to capital of 65%-75%, not including preferred equity as debt-like (over 90% including)." S&P could lower the ratings if: -- EBIT interest coverage falls below 0.6x, -- The liquidity cushion erodes such that financing risks for order book deliveries increase, -- Profitability and cash flow weaken significantly below S&P's expectations because of lower leasing demand, or -- The company significantly increases its debt to finance strategic investments or dividend payments to its financial sponsors. While an upgrade is unlikely over the next 12 months, S&P could raise the ratings if Phoenix meaningfully grows its fleet and diversifies its lessee base, while maintaining EBIT interest coverage above 1.1x, FFO to debt above 6%, and debt to capital at or below 75%. PHOENIX COMMODITIES: Chapter 15 Case Summary -------------------------------------------- Lead Debtor: Phoenix Commodities Pvt. Limited (in Liquidation) Wickhams Cay 2 P.O. Box 3083 Road Town, Tortola British Virgin Islands Business Description: Phoenix Commodities Pvt. Ltd., in liquidation, is a British Virgin Islands company that served as the holding entity of the Phoenix Group, a global commodities trading network with offices in Dubai and Singapore. Phoenix Global DMCC, in liquidation, operated as the Dubai-based trading arm handling agricultural products, coal, and metals, while Phoenix Pte. Ltd., in liquidation, represented the group's Southeast Asia operations. Foreign Proceeding: British Virgin Islands Chapter 15 Petition Date: October 3, 2025 Court: United States Bankruptcy Court Southern District of Florida Three affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ ------- Phoenix Commodities Pvt. Limited (Lead) 25-21716 Phoenix Global DMCC (in Liquidation) 25-21713 Phoenix Pte. Ltd (in Liquidation) 25-21718 Foreign Representatives: Ryan Jarvis and John Johnston Wickhams Cay 2 P.O. Box 3083 Road Town, Tortola British Virgin Islands Foreign Representative's Counsel: Juan J. Mendoza, Esq. SEQUOR LAW, P.A. 1111 Brickell Ave Ste 1250 Miami FL 33131 Tel: (305) 372-8282 Email: jmendoza@sequorlaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Lead Debtor's Chapter 15 petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LUCG7KQ/Phoenix_Commodities_Pvt_Limited__flsbke-25-21716__0001.0.pdf?mcid=tGE4TAMA POOLE FUNERAL: Gets Final Approval to Use Cash Collateral --------------------------------------------------------- Poole Funeral Home Real Estate, LLC and affiliates received final approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Chattanooga Division, to use cash collateral. The court's final order authorized the Debtors to utilize cash collateral to pay the expenses set forth in their budget, subject to a 10% variance. The Debtors project total operational expenses of $134,824. As protection, The Bancorp Bank, N.A. will be granted a post-petition lien on the cash collateral and all other post-petition assets of the Debtors, with the same validity, priority and extent as their pre-bankruptcy liens. In addition, Bancorp Bank will continue to receive monthly payments of $40,000. The Debtors' authority to use cash collateral terminates if the cases convert to Chapter 7, a trustee is appointed, or the order is modified without lender consent. The final order is available at https://is.gd/hz8eiG from PacerMonitor. The Debtors, owners of the Poole funeral home brand, filed for Chapter 11 on May 12 in response to financial distress caused by fraud and deceptive business practices during a failed sale process. They aim to stabilize operations and pursue a restructuring that preserves the business and maximizes value. Bancorp Bank holds a security interest in all of the Debtors' cash collateral, and the Debtors currently have at least $15 million in assets. About Poole Funeral Home Real Estate Poole Funeral Home Real Estate, LLC operates Poole Funeral Homes at Woodstock, a locally owned funeral facility in North Georgia. The Company offers burial, cremation, veteran, green burial, and personalization services, along with caskets and urns. It emphasizes community-focused service, positioning itself as an alternative to corporately owned funeral providers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11197) on May 12, 2025. In the petition signed by Brian K. Poole, CEO, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. Roy Michael Roman, Esq., at RMR Legal PLLC, represents the Debtor as bankruptcy counsel. PORTSMOUTH SQUARE: $9.11M Loss in FY25; Going Concern Alleviated ---------------------------------------------------------------- Portsmouth Square, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended June 30, 2025, reporting a net loss of $9.11 million and $11.38 million for the years ended June 30, 2025 and 2024, respectively. Revenue - Hotel for the years ended June 30, 2025 and 2024, were $46.36 million and $41.89 million, respectively. Going Concern: Management evaluated the Company's ability to continue as a going concern under ASC 205-40 for the 12 months following the issuance of these financial statements. In prior filings (including the June 30, 2024 Form 10-K and subsequent Form 10-Q), maturities of the Company's senior and mezzanine loans on January 1, 2024, together with related default notices, raised substantial doubt about the Company's ability to continue as a going concern. On March 28, 2025, the Company completed a comprehensive refinancing of its senior mortgage and a modification of its mezzanine debt, resulting in extended maturities, favorable interest terms, and improved covenant compliance. Since closing, the Company has remained current on all required debt service and continued property enhancements to support the Hotel's competitive positioning (including renovation of additional guest rooms returned to inventory). In addition, in March 2025 and May 2025, the related-party facility with The InterGroup Corporation was amended to increase borrowing capacity to $40,000,000, extend maturity to July 31, 2027, and reduce the rate to 9%, providing a contingency source of liquidity without required monthly principal or interest payments prior to maturity. Management evaluated the Company's ability to continue as a going concern for the 12 months following the issuance of these financial statements and concluded that the conditions and events that initially raised substantial doubt have been alleviated and that substantial doubt does not exist as of issuance. While management believes available liquidity and cash generation from operations are sufficient for near-term needs, uncertainties related to the San Francisco hospitality market and broader macroeconomic factors--including potential pressure on occupancy and RevPAR--could adversely affect liquidity if results underperform forecasts. Management will continue to monitor conditions and adjust operations as necessary. East Brunswick, N.J.-based WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated September 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that it evaluated the adequacy of the Company's disclosures regarding the alleviation of substantial doubt related to its ability to continue as a going concern and management's plans and actions to address those concerns. A full-text copy of the Company's Form 10-K is available at https://is.gd/iBWZrT About Portsmouth Square Headquartered in Los Angeles, California, Portsmouth Square, Inc., is a California corporation, incorporated on July 6, 1967, for the purpose of acquiring a hotel property in San Francisco, California through a California limited partnership, Justice Investors Limited Partnership. As of June 30, 2025, the Company had $46.92 million in total assets, $171.04 million in total liabilities, and $124.12 million in total stockholders' deficit. * * * This concludes the Troubled Company Reporter's coverage of Portsmouth Square, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. PRESBYTERIAN HOMES: Ownership Interest Sale to Housing Part OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, has granted Presbyterian Homes and Services of Kentucky, Inc. (PHSK) and its affiliate St. James Group, Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors are nonprofit corporations organized under the laws of the Commonwealth of Kentucky. PHSK opened the doors of its first facility, Rose Anna Hughes, in 1947 with its mission of service to others. Consistent with its mission, PHSK provides assisted living and low-income housing to seniors in the Pikeville and Louisville areas. St. James owns the real property on which PHSK operates. The Court has authorized the Debtor to sell ownership interest in Westminster Terrace Apartments GP LLC and the 2 sponsor loans to to The Housing Partnership Inc., in the purchase price of $525,000. The Court held that the Letter of Intent, together with all of the exhibits, terms, and conditions, is approved. The Debtors are authorized to sell the general partnership interest held by Westminster Terrace Apartments GP, LLC in Westminster Terrace Apartments, LLLP, a Kentucky limited liability limited partnership and to sell and/or assume and assign the property management agreement, and to sell and/or assume and assign sponsor loans to The Housing Partnership, Inc. The sale of WTA and Assumed Contracts through a private sale is justified under the facts and circumstances surrounding the assets and this Chapter 11 case. The Debtors marketed the asset for sale through Enterprise Community Asset Management, Inc., an entity specializing in stabilizing distressed affordable developments. The sale of the asset was limited by requiring compliance with Kentucky Housing Corporation’s guidelines and the consent of the limited partner. The LOI represents the best currently viable. offer. Debtors and Buyer have no other relationship with each other except for the LOI and are parties at arms-length. The consideration obtained for WTA and Assumed Contracts is fair and reasonable, represents the highest and best offer for WTA and Assumed Contracts, and is in the best interests of the Debtors, their creditors, and Estates. The cash purchase price constitutes full and adequate consideration and reasonably equivalent value for WTA and Assumed Contracts. All objections and responses to the sale of WTA and Assumed Contracts to the Buyer or the related relief requested in the Sale Motion that have not been withdrawn, waived, or settled by stipulation filed with the Court or pursuant to the terms of this Order, and all reservations of rights included therein, are hereby overruled on the merits, with prejudice. About Presbyterian Homes and Services of Kentucky, Inc. Presbyterian Homes and Services of Kentucky, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-33060) on December 15, 2024, listing up to $10 million in both assets and liabilities. Hattie H. Wagner, president and chief executive officer of Presbyterian, signed the petition. Judge Alan C. Stout oversees the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP, represents the Debtor as legal counsel. Stock Yards Bank & Trust Company, as secured creditor, is represented by Edward M. King, Esq., and Jamie Brodsky, Esq., at Frost Brown Todd, LLP, in Louisville, Kentucky. Hardin KY Opco and Hardin KY Propco, as secured creditors, are represented by Mary Elisabeth Naumann, Esq., and Chacey R. Malhouitre, Esq., at Jackson Kelly, PLLC, in Lexington, Kentucky. PRESTON CONSULTING: Section 341(a) Meeting of Creditors on Nov. 10 ------------------------------------------------------------------ On October 6, 2025, Preston Consulting I LLC filed Chapter 11 protection in the District of South Carolina. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 10, 2025 at 11:30 AM at Telephone. About Preston Consulting I LLC Preston Consulting I LLC provides consulting and business-development services and performs government-contracting work. Preston Consulting I LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-03923) on October 6, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Roger K Pruitt, Esq., at RK PRUITT LAW FIRM. PRESTON CYCLES: Section 341(a) Meeting of Creditors on November 10 ------------------------------------------------------------------ On October 6, 2025, Preston Cycles LLC filed Chapter 11 protection in the District of South Carolina. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. The Section 341(a) creditors' meeting will be held on November 10, 2025 at 10:00 AM. About Preston Cycles LLC Preston Cycles LLC, doing business as Thunder Tower Harley-Davidson, operates a motorcycle dealership and service center in Elgin, South Carolina. The Company sells new and pre-owned Harley-Davidson motorcycles, offers parts and accessories, and provides maintenance and repair services. It serves retail customers in the Columbia metropolitan area. Preston Cycles LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-03922) on October 6, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elisabetta Gm Gasparini handles the case. The Debtor is represented by Roger K. Pruitt, Esq. of RK PRUITT LAW FIRM. PRO MACH: Moody's Rates New Secured First Lien Term Loan 'B2' ------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Pro Mach Group, Inc.'s (Pro Mach) new senior secured first lien term loan. The B2 corporate family rating, B2-PD probability of default rating, B2 rating on the upsized senior secured first lien revolving credit facility and stable outlook are unaffected by the debt refinancing. Proceeds from the new senior secured bank credit facilities will be used to refinance Pro Mach's existing capital structure and provide future funding for potential tuck-in acquisitions. Moody's will withdraw the rating on the existing term loan upon close of the transaction. RATINGS RATIONALE The B2 CFR reflects Pro Mach's high financial leverage of 5.7x and continued use of cash to fund tuck-in acquisitions. Although the acquisitions have helped Pro Mach build scale and enhance its competitive position, the acquisitions tend not be margin enhancing in the short term. As a manufacturer of production line equipment, Pro Mach is vulnerable to cyclical macroeconomic disruptions which could lead to fewer investments in factories or reduced spending on large capital projects. The B2 rating is supported by Pro Mach's diverse product offerings and large installed base that supports a stable, high-margin aftermarket business. In addition, the low capital requirements inherent in the company's assembly-based business provides ongoing support to cash flow. Adequate liquidity will be supported by the recently refinanced senior secured bank credit facility, inclusive of an upsized revolver that Moody's expects will remain undrawn. Pro Mach's stable outlook is based on Moody's expectations that the company will be able to maintain a steady EBITDA margin and stable cash flow from sustained demand and backlog build across its end markets. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Pro Mach experiences continued growth of revenue and earnings, adjusted debt/EBITDA is sustained below 5.0x, EBITA/interest is sustained above 2.0x, or if the company adopts more conservative policies. The ratings could be downgraded if organic growth stalls, EBITDA margin declines, debt/EBITDA is sustained meaningfully above current levels, EBITA/interest falls below 1.5x, liquidity deteriorates, or if Pro Mach engages in a large debt financed acquisition or debt-funded dividend. The principal methodology used in this rating was Manufacturing published in September 2025. Headquartered near Cincinnati, Ohio, Pro Mach Group, Inc. manufactures a broad range of processing and packaging equipment and related aftermarket parts and services for a number of industries across food, beverage, household goods and pharmaceuticals. Pro Mach is owned by Leonard Green & Partners and BDT Capital Partners. Pro Mach's revenue for the twelve months ended June 30, 2025 was about $2.2 billion. PROSPECT MEDICAL: Bankruptcy Plan Triggers Wave of Objections ------------------------------------------------------------- Randi Love of Bloomberg Law reports that Prospect Medical Holdings Inc. is facing widespread opposition to its Chapter 11 restructuring plan, with approximately 30 parties -- including creditors, insurers, and former employees -- arguing the proposal falls short of addressing outstanding financial obligations. The hospital operator, which filed for bankruptcy earlier this year amid operational challenges and rising costs, aims to liquidate its assets to settle debts. Among the objectors is McKesson Corp., which called the plan "premature" in a Wednesday, October 8, 2025, filing before the U.S. Bankruptcy Court for the Northern District of Texas. The pharmaceutical company maintains that it is owed significant sums through its distribution contracts with Prospect. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. PROSPECT MEDICAL: Secures Court OK for $45MM Yale Health Deal ------------------------------------------------------------- Clara Geoghegan of Law360 reports that a Texas bankruptcy judge has approved a $45 million settlement between Yale New Haven Health Services Corp. and Prospect Medical, resolving a long-running dispute over a failed hospital acquisition deal. The agreement ends months of litigation as Prospect continues its path toward emerging from Chapter 11 protection, the report noted. In granting approval, the judge found the deal to be a fair and reasonable resolution, acknowledging the uncertainties and potential costs of prolonged litigation. The settlement provides both sides with clarity as they seek to move forward, according to report. With the court's approval, the companies can now redirect their attention to finalizing remaining matters in Prospect's restructuring process and stabilizing operations following the collapse of the hospital sale, the report states. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. PUERTO RICO: BlackRock, Franklin Reduce Stakes in PREPA Bonds ------------------------------------------------------------- Michelle Kaske of Bloomberg News reports that BlackRock Financial Management and Franklin Advisers have significantly reduced their exposure to Puerto Rico Electric Power Authority (Prepa) bonds as the utility's bankruptcy remains stalled. The Chapter 11 case has been paused by U.S. District Court Judge Laura Taylor Swain pending resolution of a dispute over the composition of the island's financial oversight board. According to court filings on Thursday, October 9, 2025, BlackRock trimmed its Prepa bond holdings by one-third to $438 million as of October 6, 2025, while Franklin cut its stake by half. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. R&R TRANSPORT: Case Summary & 13 Unsecured Creditors ---------------------------------------------------- Debtor: R&R Transport & Logistics, LLP 1409 Brittmoore Houston, TX 77043 Case No.: 25-36034 Business Description: R & R Transport & Logistics, LLP provides courier, delivery, and logistics services specializing in the transportation of parcels and freight. The company operates from Houston, Texas, serving clients across regional and interstate routes through its fleet of trucks and delivery vehicles. Chapter 11 Petition Date: October 9, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: TBD Debtor's Counsel: Richard L Fuqua, II, Esq. FUQUA & ASSOCIATES, P.C. 8558 Katy Fwy Suite 119 Houston TX 77024 Tel: (713) 960-0277 Email: RLFuqua@fuqualegal.com Total Assets: $1,124,622 Total Debts: $1,489,420 The petition was signed by Randy Russell as president. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D4CYCOQ/RR_Transport__Logistics_LLP__txsbke-25-36034__0001.0.pdf?mcid=tGE4TAMA RACKSPACE FINANCE: Nuveen Credit Marks $6.5MM 1L Loan at 48% Off ---------------------------------------------------------------- Nuveen Credit Strategies Income Fund (JQC) has marked its $6,548,458 loan extended to Rackspace Finance, LLC to market at $3,435,616 or 52% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a First Lien Second Out Term Loan B to Rackspace Finance, LLC. The loan accrues interest at a rate of 7.211% per annum. The loan matures on May 15, 2028. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, IL 60606 Telephone: (800) 257‑8787 About Rackspace Finance, LLC Rackspace provides cloud solutions, including hybrid, private, and public cloud, and AI solutions, empowering digital transformation. RAS DATA: Court OKs Bid Rules for Rail Car Management Biz Sale -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, has permitted Ras Data Services Inc. to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor is an economically productive business with one major problem: over a period of years, its former CEO misappropriated roughly $20 million of its funds, leaving the Debtor hopelessly unable to pay its debts to its customers. Given that the Debtor has no secured debt, those customers are the chief constituency for whom the bankruptcy case is being run. Moreover, the customers essentially hold veto power over the assignment of their contracts (which are among the Debtor's most valuable assets) because the Debtor is unable to pay the cure costs needed to assign the contracts without consent. The Debtor is a railcar-management company that essentially serves as an intermediary between its customers, who are owners of freight railcars, on the one hand, and parties with whom the Customers do business or incur obligations (including without limitation railroads, repair shops, railcar lessees, and taxing authorities), on the other (Vendor/Lessee). The Court has authorized the Debtor to sell substantially all Assets at Auction. The bidding procedures set forth in the Approved Bidding Procedures and expressly made a part and incorporated are approved. The Debtor is permitted to revise the Approved Bidding Procedures after consultation with the Consultation Parties, or further Order of Court. All persons or entities who submit a Qualified Bid for any of the Sale Assets shall be deemed to have read and understood the terms and conditions of the Approved Bidding Procedures and must comply with, and will be bound by, such Approved Bidding Procedures. The Debtor is authorized and empowered to take such steps and perform such actions as may be necessary to implement and effect the sale process contemplated by, and consistent with, the Approved Bidding Procedures and the Sale Procedures Order. The Court shall conduct a hearing to consider the approval of the Asset Sale and entry of the Sale Approval Order, on December 18, 2025, at prevailing Central time, at the United States Bankruptcy Court, Northern District of Illinois, Eastern Division, Dirksen Federal Building, 219 S. Dearborn Street, Courtroom 642, Chicago, Illinois 60604, or other time or other place as the Debtor shall notify all Qualified Bidders. All objections to the sale of the Sale Property or entry of the Sale Approval Order must: (a) be in writing; (b) state with specificity the nature and legal bases for such objections; and (c) be filed with the Court no later than 12:00 30. (prevailing Central time) on Wednesday, December 17, 2025. No later than the first business day immediately following the Bid Deadline, the Debtor shall file a notice with the Court and serve same, by facsimile, overnight delivery, or such other form of notice authorized by the recipient (including CM/ECF and/or email), to any non-Debtor party to a Non-MSA Assignable Contract. About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Adam P. Silverman, Esq. at ADELMAN & GETTLEMAN, LTD. RENEWAL REALTY: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Renewal Realty, LLC 27702 Crown Valley Pkwy Suite #D4-328 Ladera Ranch, CA 92694 Case No.: 25-35967 Business Description: Renewal Realty's principal assets are located at 2100 E. 10th Street, Odessa, TX 79761. Chapter 11 Petition Date: October 7, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Jeffrey P Norman Debtor's Counsel: Susan Tran Adams, Esq. TRAN SINGH, LLP 2502 La Branch St. Houston TX 77004 Email: stran@ts-llp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gregory Walden as president and managing member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XB243CA/Renewal_Realty_LLC__txsbke-25-35967__0001.0.pdf?mcid=tGE4TAMA RENHURST HOLDINGS: Section 341(a) Meeting of Creditors on Nov. 12 ----------------------------------------------------------------- On October 7, 2025, Renhurst Holdings Inc. filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 12, 2025 at 09:30 AM by TELEPHONE. About Renhurst Holdings Inc. Renhurst Holdings Inc. manages real estate for others and provides property appraisal services and is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Renhurst Holdings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 25-43905) on October 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Joseph Fredrick Postnikoff, Esq. of ROCHELLE MCCULLOUGH, LLP. RETREAT AT JARRETT: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Retreat at Jarrett Farms, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Oklahoma to use cash collateral. The interim order authorized the Debtor to use up to $4,000 in cash collateral to pay independent contractors for post-petition work through October 27. As adequate protection, Equity Bank will be granted a replacement lien on future receivables. The bankruptcy court said it found cause to grant the Debtor's request in part based on the Debtor's agreement with Equity Bank. The court set the remainder of the issues for evidentiary hearing on October 27. Equity Bank previously filed a motion seeking to bar the Debtor from using funds that constitute cash collateral. That motion will be considered at the October 27 hearing. Equity Bank claims an interest in all assets of the Debtor, including checking account funds and accounts receivable, securing $1.71 million in loans it provided. The Debtor allegedly defaulted on these loans by failing to remain current on payments and Equity Bank issued a formal notice of default on October 30, 2023. Subsequent state court foreclosure proceedings led to summary judgment in favor of the bank, with a sheriff's sale held on August 25 in which the bank successfully bid $1.7 million through credit bid. Equity Bank now claims a secured debt of over $2.15 million while the Debtor's real property is appraised at only $1.26 million. The Debtor operates an event hosting and guest lodging facility in Washington County, Oklahoma, and filed its bankruptcy petition on September 16. Since filing, the Debtor has retained control over its operations and assets. As of the petition date, the Debtor held $1,948 in its deposit accounts and approximately $9,000, including post-petition revenue, in its debtor-in-possession account. About Retreat at Jarrett Farms Retreat at Jarrett Farms LLC, doing business as Jarrett Farm Resort & Events, operates a hospitality and event venue in Ramona, Oklahoma, offering lodging, outdoor recreation, and event hosting services across its 114-acre property. The Company provides accommodations in suites and cabins with amenities such as fireplaces, jetted tubs, and full kitchens, and organizes events including weddings, corporate retreats, and seasonal celebrations. It serves private guests and event clients primarily in the Bartlesville and surrounding Oklahoma region. Retreat at Jarrett Farms sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D Okla. Case No. 25-11355) on September 16, 2025. In its petition, the Debtor reported total assets of $2,937,228 and total liabilities of $2,061,046 as of June 30, 2025. Honorable Bankruptcy Judge Paul R. Thomas handles the case. The Debtor is represented by Ron Brown, Esq., at Brown Law Firm, PC. RICHERT FUNDING: Court Tosses Elkhorn, et al. Appeal ---------------------------------------------------- Judge Paul G. Byron of the United States District Court for the Middle District of Florida dismissed the appeal styled ELKHORN GOLDFIELDS, INC., and PATRICK IMESON, Appellants, v. SONEET R. KAPILA, Appellee, Case No: 6:23-cv-02425-PGB (M.D. Fla.). In this appeal, the Appellants challenge the Bankruptcy Court's Judgment as to Counts VI, VII, VIII, and IX of the underlying complaint. In his cross-appeal, the Trustee for Elkhorn Goldfields, Inc. challenges the Bankruptcy Court's Judgment with respect to Counts I, II, III, IV, and V of the underlying complaint. Trustee also challenges the Bankruptcy Court's determination that the Judgment can only be filed in the state courts of Montana and Colorado. Elkhorn is a Montana corporation that owns a mine in the State of Montana. Elkhorn's mine consists of approximately 800 patented claims and around 2,300 unpatented acres surrounding and surface. Patrick Imeson is an individual who has served as the president of Elkhorn since about 2016 or 2017 until late 2018. Richert Funding, LLC was in the business of purchasing accounts receivable at a discount from clients, and then advancing a percentage of the face value of the invoice to the client. The sole owner and operator of the Debtor has been personal friends with Mr. Imeson for 20 years. Through this personal relationship, the Debtor entered into factoring agreements with both Elkhorn and Mr. Imeson. This continued until the Debtor entered bankruptcy, beginning with an involuntary proceeding on October 11, 2018. The Debtor was insolvent at the time these agreements were made. The Debtor made 12 transfers totaling $508,715.91 to Mr. Imeson, who repaid $149,500 on three invoices, while nine invoices remain unpaid. The Debtor also made 10 transfers totaling $250,200 to Elkhorn. Of these transfers, Elkhorn only repaid the Debtor $37,500. At least three of the invoices pertaining to these transfers were "refreshed" from previous invoices, and did not themselves convey new obligations. Two of the invoices conveyed potential and unrealized obligations, not present, existing obligations. The Bankruptcy Court concluded that the remaining transfers conveyed no underlying value because they were: 1) for unrealized investments in "a non-operational mine that was not generating revenue," and 2) there was "no realistic possibility that Elkhorn could repay the Debtor within the 90-day timeframe required" for the remaining invoices. Accordingly, in the Judgment, the Bankruptcy Court awarded the Trustee the balance of the outstanding transfer amounts to Debtor. Trustee was awarded $386,685.91 on the transfers to Mr. Imeson and $212,700 on the transfers to Elkhorn. Kapila, the Debtor's Chapter 11 Trustee, asserted claims against Elkhorn and Mr. Imeson in its October 11, 2021 amended complaint, seeking to recover the outstanding balance of the net transfer amounts. In Counts I, II, III, IV, and V, Trustee asserted claims sounding in contract against Elkhorn and Mr. Imeson. In Counts VI, VII, VIII, and IX, the Trustee asserted, in the alternative, statutory fraudulent transfers claims. The parties in this case dispute many of the issues decided by the Bankruptcy Court in the Judgment. They disagree on the Bankruptcy Court's findings as to the application of state usury statutes, the correct interpretation of choice of law clauses, and the validity of consideration. Fraudulent Transfer Claims The Bankruptcy Court found for the Trustee as to the Fraudulent Transfer Claims in Counts VI, VII, VIII, and IX. The District Court affirms that finding, saying the Bankruptcy Court's supporting findings of fact in the underlying Judgment were not clearly erroneous. Nor did the lower court err in determining that the Trustee proved, by preponderance of the evidence, the elements of fraudulent conveyance. According to the District Court, the Bankruptcy Court properly evaluated invoices transferred from Elkhorn and Mr. Imeson to the Debtor. The Bankruptcy Court determined that the transactions were not at arm's length. The District Court agrees. The Bankruptcy Court weighed the market value of the invoices and determined that they were valueless. The invoices from Elkhorn had no underlying value because they were for prospective investments in a non-operational mine that was not generating revenue. At trial, the Bankruptcy Court unraveled the various accounting tricks and dishonest factoring to uncover the true nature of these transfers. On this record, the District Court concludes the Bankruptcy Court did not manifestly err in finding the invoices valueless. Contract Claims Moreover, the Bankruptcy Court found against the Trustee as to the Contract Claims in Counts I, II, III, IV, and V, holding that recovery under both the contract and fraudulent conveyance theories would constitute double recovery. The District Court agrees. In his cross-appeal, the Trustee argues that the Bankruptcy Court erred by rejecting the breach of contract claims. However, because the Trustee succeeded on the Fraudulent Conveyance Claims, the threshold issue is whether simultaneous recovery under both the Contract Claims and Fraudulent Conveyance Claims is possible. Even assuming arguendo that the Bankruptcy Court erred by rejecting the breach of contract action, double recovery is not permitted. Judge Byron explains, "If there were valid contracts that Mr. Imeson and Elkhorn had breached, Trustee would have recovered restitution damages. In his complaint, Trustee specifically pleads unjust enrichment in the alternative to each count of breach of contract. Moreover, it is an ancient principle of the law of contracts that a plaintiff may not recover twice for the same injury. Fundamentally, Trustee is seeking to 'claw back' the money transferred by the bankruptcy estate to Mr. Imeson and Elkhorn. Because Trustee was already awarded full restitution of the net transfer amounts, permitting a second award of restitution under the Contract Claims would be textbook double recovery." The Trustee disputes this characterization and argues that the causes of action are distinct, thus recovery on both theories would not offend the principle against double recovery. Even if the District Court granted relief to the Trustee under the Contract Claims, recovery under Sec. 548 would be statutorily barred. Because the estate has been awarded full restitution under its Sec. 548 claim, a ruling in its favor on the Contract Claims would not entitle it to any additional relief. Thus, without deciding the underlying merit of the Contract Claims, the District Court affirms the Judgment as to Counts I, II, III, IV, and V. However, the District Court finds the Bankruptcy Court erred when it required the Trustee to file this Judgment in Montana or Colorado state court. According to the District Court, Congress granted the federal courts no discretion to ex-ante determine where their judgments are valid or may be filed. A copy of the Court's Order is available at https://urlcurt.com/u?l=sWnYh5 About Richert Funding Richert Funding LLC, based in Orlando, Florida, issues loans to individuals and legal entities. Creditors Chris Beauchamp, Clayton Worden and Benjamin Grauer filed against Richert Funding an involuntary Chapter 7 petition (Bankr. M.D. Fla. Case No. 18-06276) on Oct. 11, 2018. The creditors hired Aldo Bartolone, Esq., as their counsel while the Debtor hired Furr & Cohen, P.A. as its counsel. On Oct. 22, 2018, the court ordered the conversion of the case to a Chapter 11 case and the appointment of a Chapter 11 trustee. On Oct. 29, 2018, the court approved the appointment of Soneet R. Kapila as Chapter 11 trustee. The Trustee tapped Akerman LLP as his legal counsel. RITE AID: Denies Accusations of Violating CVS Transaction Terms --------------------------------------------------------------- Rick Archer of Law360 reports that bankrupt drugstore chain Rite Aid on Friday, October 10, 2025, defended its decision not to cover "tail" insurance for former pharmacy employees at locations it sold to CVS, arguing that its actions were justified because CVS breached the sale agreement by withholding its final payment. CVS, in a motion filed in court, claimed that Rite Aid failed to fulfill its contractual obligation to maintain or procure the required insurance coverage under the terms of their asset purchase deal, the report related. Rite Aid countered that it is being unfairly targeted, asserting that any lapse in insurance payments stems directly from CVS's own contractual default. The company contends that CVS's decision to withhold the final portion of the purchase price undermined its ability to meet certain post-closing obligations, including the insurance coverage in question. According to Rite Aid, CVS's actions amount to a breach that negates its claims against the bankrupt retailer, according to report. The disagreement adds further complexity to the ongoing financial and legal negotiations surrounding the sale of Rite Aid's pharmacy assets. Both companies have accused each other of failing to comply with key provisions of the deal, reflecting broader tensions in the aftermath of Rite Aid's bankruptcy proceedings. The dispute now centers on interpreting each party's rights and responsibilities under the sale agreement as the court considers the competing claims, the report states. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. ROCK N CONCEPTS: Court OKs The Colony Property Sale to LMG Ventures ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, has approved Rock N Concepts, LLC and its affiliate, Lava Cantina The Colony, LLC, to sell substantially all of their Property through private sale, free and clear of liens, claims, interests, and encumbrances. The Debtors seek to sell via private sale, the substantially all their property as is, where is, and free and clear of liens, claims and encumbrances with any liens or encumbrances to attach to the proceeds of the sale with the same validity, priority and extent that they are attached to the Property. The Debtor's Property is located in The Colony, Texas. The Property is comprised of buildings, outdoor space including a stage, and all other improvements in the Property. The Court has authorized the Debtor to sell the Property to LMG Ventures, LLC or its affiliates or assignee, in the purchase price of $3.75 million. The offer set forth in the Asset Purchase Agreement (APA) is the highest and best offer received by the Debtors and no other proposed purchaser has presented a higher offer. The sale transaction as documented in the APA was negotiated, proposed, and is undertaken by the Debtors and the Purchaser at arms' length, without collusion or fraud, and in good faith within the meaning of Section 363(m) of the Bankruptcy Code. About Rock N Concepts, LLC Rock N Concepts, LLC and Lava Cantina The Colony, LLC, a live entertainment venue and restaurant located in The Colony, Texas, filed Chapter 11 petitions (Bankr. E.D. Tex. Lead Case No. 25-40416) on February 18, 2025. At the time of the filing, both Debtors reported between $1 million and $10 million in assets and liabilities. Sarah M. Cox, Esq., at Spector & Cox, PLLC is the Debtor's legal counsel. Regions Bank, as secured creditor, is represented by Jason T. Rodriguez, Esq., at Higier Allen & Lautin, PC, in Dallas, Texas. RONALD JINSKY: Inks Deal to Use FNBT's Cash Collateral ------------------------------------------------------ Ronald Jinsky, LLC asks the U.S. Bankruptcy Court for the Western District of Wisconsin for authority to use cash collateral in accordance with its agreement with First National Bank and Trust. This agreement is essential for the Debtor's continued operation as an over-the-road trucking company, which depends entirely on its freight contracts and accounts receivable for income. The stipulation becomes effective immediately upon court approval and will remain in place until the court either enters an order related to a default or confirms a plan of reorganization. Under the stipulation, FNBT consents to the Debtor's use of cash collateral in the ordinary course of business in exchange for adequate protection payments of $3,945 per month. Additionally, the Debtor agrees to make a lump-sum catch-up payment of $23,668, covering adequate protection for the months of April through September. Payments are to be made via wire transfer or ACH, with strict timing requirements. In the event of a default such as failure to make payments or a conversion to Chapter 7, FNBT may seek relief from the automatic stay after giving 14 days' notice and an opportunity to cure the default. The stipulation also affirms that the underlying loan agreements remain in effect unless specifically modified and does not waive any of FNBT's rights or remedies against the Debtor or guarantors. This arrangement is critical, as the Debtor asserts it cannot operate or meet its expenses without access to the cash collateral, and any interruption would harm both the Debtor and its creditors. FNBT holds a perfected lien on the collateral, including cash collateral, via a UCC filing from 2021. A copy of the stipulation is available at https://urlcurt.com/u?l=Ck0TCi from PacerMonitor.com. About Ronald Jinsky LLC Ronald Jinsky, LLC, doing business as Jinsky Trucking, is a family-owned and operated interstate trucking company based in Beloit, Wisconsin. Established in 1982, the company specializes in transporting general freight, metal sheets, building materials, and paper products. Ronald Jinsky sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10838) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Honorable Judge Catherine J. Furay oversees the case. The Debtor is represented by Daniel J. McGarry, Esq., at Krekeler Law, S.C. First National Bank and Trust Co, as lender, is represented by: David C. Moore, Esq. Anna Eager, Esq. 100 South Main Street Janesville, WI 53545 Tel: 608-755-8100 dmoore@nowlan.com aeager@nowlan.com ROYAL G.L.S.: Seeks Chapter 11 Bankruptcy for 2nd Time ------------------------------------------------------ On October 10, 2025, Royal G.L.S. Corp. voluntarily filed for Chapter 11 bankruptcy in the Southern District of New York. The bankruptcy petition indicates total liabilities estimated between $100,001 and $1 million. The debtor listed between 1 and 49 creditors. The company previously filed for Chapter 11 bankruptcy in the Southern District of New York on July 19, 2024 under Case No. 24-11248. The bankruptcy case was dismissed on September 19, 2024 and closed on September 20, 2024. About Royal G.L.S. Corp. Royal G.L.S. Corp. is a real estate company. Royal G.L.S. Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12246) on October 10, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Michael E. Wiles handles the case. RUNITONETIME LLC: Plans to Sell Casinos, Other Properties in Ch. 11 ------------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Maverick Gaming, a casino and card-room operator headquartered in Washington, has identified a group of lenders and casino managers as buyers for its assets in its Chapter 11 case. Court filings show the company seeks to sell key casinos, hotel properties, and gaming technology for around $65.8 million, largely financed through a credit bid from its secured lenders, in addition to cash and assumed notes. The asset sales are pending approval from the U.S. Bankruptcy Court for the Southern District of Texas, the report states. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. RUNITONETIME LLC: Teamsters Local Seeks Review of Maverick Sale --------------------------------------------------------------- Emlyn Cameron of Law360 reports that a Teamsters local has urged a Texas bankruptcy judge to reconsider his decision approving RunItOneTime LLC's sale of assets to a company managed by one of its founders. The union argued that the court overstepped its authority in determining that the two businesses were distinct, claiming the deal may effectively transfer assets between related parties, according to the report. According to the Teamsters, the sale was not conducted at arm's length and could allow RunItOneTime to continue operating under a different name while evading financial or labor obligations. The union contends that the court's earlier ruling failed to properly examine the relationship between the seller and the buyer, warranting closer scrutiny under bankruptcy law, according to Law360. If the judge reconsiders and reverses his order, the asset transfer could be halted or reopened for new bids. The challenge underscores broader concerns about insider transactions and the need for transparency in bankruptcy sales involving companies with overlapping management, the report states. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. SAFE & GREEN: Olenox Signs $3M Deal to Purchase Texas Property -------------------------------------------------------------- Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Olenox Corp, a wholly owned subsidiary of the Company, entered into a Purchase Agreement with Charles E Webb Jr Family Partnership LTD, pursuant to which Olenox will purchase certain real property located at 1207 N FM 3083 Rd, Conroe, Texas, which includes office space and warehouse space, for a purchase price of $3,000,000. The purchase of the Conroe Property is explicitly contingent upon Olenox obtaining a third-party loan secured by the Conroe Property in the amount of $2,400,000 for not less than 20 years with an initial interest rate not to exceed 8.000% and payments calculated on an amortization period of no less than 20 years. Pursuant to the terms of the Purchase Agreement, Olenox would take occupancy September 26, 2025. Olenox has the option to extend the closing of the transaction for up to 24 months. Olenox has executed a commercial lease with the Seller for the interim period between the execution of the Purchase Agreement and the closing of the transaction. $4,000 of the lease payments per month will be credited to the sales price at closing. Pursuant to the terms of the Purchase Agreement, Olenox must deposit $30,000 as earnest money not later than 3 days after the effective date of the Purchase Agreement. Pursuant to the terms of the Lease, Olenox must pay a $20,000 security deposit with the Seller, which may be applied by the Seller to any amounts owed by Olenox under the Lease. Olenox shall maintain in full force and effect from an insurer authorized to operate in Texas, commercial general liability insurance naming Seller as an additional insured with policy limits on an occurrence basis with a minimum amount of $2,000,000. The foregoing descriptions of the Purchase Agreement and the Lease are qualified in their entirety by reference to the full text of the Purchase Agreement and the Lease, copies of which are available at https://tinyurl.com/32pef3en and https://tinyurl.com/2waudfmr, respectively. About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $6,071,524 in total assets, $18,531,832 in total liabilities, and a total stockholders' deficit of $12,460,308. SANUWAVE HEALTH: Appoints Daniel Coyle as Chief Operating Officer ----------------------------------------------------------------- SANUWAVE Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Daniel Coyle was appointed the Chief Operating Officer of the Company. Mr. Coyle, age 35, was the Company's Vice President of Engineering and Operations from October 2024 through September 2025, and a Program Director at Nextern, a medical device manufacturer, from September 2019 through September 2024. Mr. Coyle has no family relationships with any executive officer or director of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Further, there are no arrangements or understandings between Mr. Coyle and any other person pursuant to which he was selected to become the Chief Operating Officer of the Company. Effective upon his appointment, Mr. Coyle's annualized base salary was increased to $225,000, and his annual cash bonus award opportunity for the remainder of 2025 was increased to 40% of his annual base salary. The Compensation Committee of the Board of Directors also approved an award of stock options to purchase 60,000 shares of the Company's common stock, which Options shall be granted to Mr. Coyle and shall vest and become exercisable in 12 equal installments on each quarterly anniversary of the grant date. Immediately prior to Mr. Coyle's appointment, Peter Stegagno, the Company's former Chief Operating Officer, was removed from such position and appointed the Company's Chief Regulatory Officer. In connection with this transition, the Board completed a detailed review of Mr. Stegagno's new functions and responsibilities, and based upon such review, determined that he no longer satisfies the definition of "officer" set forth in Rule 16a-1(f) promulgated under the Securities Exchange Act of 1934 or the definition of "executive officer" set forth in Rule 3b-7 under the Exchange Act. About SANUWAVE Headquartered in Suwanee, Ga., SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology Company using patented systems of noninvasive, high-energy, acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses, has negative working capital, and needs to refinance its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. For the fiscal year ended December 31, 2024, SANUWAVE had $30.12 million in total assets, $42.84 million in total liabilities, and $12.72 million in total stockholders' deficit. As of June 30, 2025, the Company had $33.05 million in total assets, $47.82 million in total liabilities, and $14.78 million in total stockholders' deficit. SANUWAVE HEALTH: President Andrew Walko Terminated -------------------------------------------------- SANUWAVE Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 25, 2025, Andrew Walko, the Company's President, was terminated without cause, effective as of October 24, 2025. The Company and Mr. Walko are negotiating the terms of a separation agreement, which is expected to be finalized at a later date. The Company does not intend to appoint a new President at this time. About SANUWAVE Headquartered in Suwanee, Ga., SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology Company using patented systems of noninvasive, high-energy, acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses, has negative working capital, and needs to refinance its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. For the fiscal year ended December 31, 2024, SANUWAVE had $30.12 million in total assets, $42.84 million in total liabilities, and $12.72 million in total stockholders' deficit. As of June 30, 2025, the Company had $33.05 million in total assets, $47.82 million in total liabilities, and $14.78 million in total stockholders' deficit. SARASOTA SEAFOOD: Case Summary & 18 Unsecured Creditors ------------------------------------------------------- Debtor: Sarasota Seafood, Inc DBA Gyros and Seafood Express 918 N. Washington Blvd. Sarasota, FL 34236 Case No.: 25-07398 Business Description: Sarasota Seafood, Inc., doing business as Gyros & Seafood Express, operates a fast- casual restaurant in Sarasota, Florida, serving seafood, gyros, sandwiches, and bowls. The Company offers dine-in, takeout, and drive-thru services. Chapter 11 Petition Date: October 7, 2025 Court: United States Bankruptcy Court Middle District of Florida Judge: TBD Debtor's Counsel: Benjamin G. Martin, Esq. LAW OFFICES OF BENJAMIN MARTIN 3131 S. Tamiami Trail, Suite 101 Sarasota, FL 34239-5101 Tel: (941) 951-6166 Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Hatem Hajri as president. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RE5RPRQ/Sarasota_Seafood_Inc__flmbke-25-07398__0001.0.pdf?mcid=tGE4TAMA SARASOTA SEAFOOD: Seeks Subchapter V Bankruptcy in Florida ---------------------------------------------------------- On October 7, 2025, Sarasota Seafood Inc. initiated a voluntary Chapter 11 bankruptcy case in the Middle District of Florida Bankruptcy Court. Documents filed with the court indicate that the company has liabilities estimated between $1 million and $10 million. The petition also states that the company has 1 to 49 creditors involved in the case. About Sarasota Seafood Inc. Sarasota Seafood Inc., Gyros and Seafood Express, is a Sarasota, Florida–headquartered seafood company specializing in distribution, wholesale supply, and processing services for a variety of domestic and imported seafood products. Sarasota Seafood Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07398) on October 7, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Benjamin G. Martin, Esq. of Law Offices of Benjamin Martin. SCILEX HOLDING: $2.7M Warrant Exercise Yields 275K New Warrants --------------------------------------------------------------- Scilex Holding Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 30, 2025, the Company entered into a Warrant Exercise Agreement with certain holders of the Company's existing warrants to purchase shares of the Company's common stock, par value $0.0001 per share at an exercise price of $22.72 per share originally issued pursuant to that certain Securities Purchase Agreement, dated December 11, 2024, by and among the Company and the investors named therein. Pursuant to the Warrant Exercise Agreements, the Existing Warrant Holders will exercise in full the Existing December 2024 Warrants for an aggregate of 179,236 shares of Common Stock and defer, for a deferral fee of $7.72 per share being exercised, their right to receive an amortization payment scheduled to be paid by the Company on October 1, 2025 as set forth in the amortization schedule included in that certain Senior Secured Convertible Note issued to each Existing Warrant Holder and Oramed Pharmaceuticals Inc. pursuant to that certain Securities Purchase Agreement, dated as of October 7, 2024, by and among the Company and the investors party thereto (including the Existing Warrant Holders) in exchange for the Company's agreement to issue new warrants to purchase an aggregate of 275,000 shares of Common Stock at an exercise price of $20.00 per share. The aggregate gross proceeds from the exercise of the Existing December 2024 Warrants, net of the Deferral Fee, is approximately $2.7 million. The Company has agreed to use an aggregate of $2.5 million of the gross proceeds from the warrant exercises in connection with the repayment of such aggregate amounts outstanding under the Tranche B Notes, and the remaining proceeds from the exercise of the Existing December 2024 Warrants for general corporate purposes. The September 2025 Warrants are immediately exercisable upon issuance. The issuance of the September 2025 Warrants was made pursuant to an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D as promulgated thereunder by the United States Securities and Exchange Commission. The Company has agreed to file as soon as practicable (and in any event within 30 calendar days of the date of the Warrant Exercise Agreement) a registration statement on Form S-3 (or Form S-1 if Form S-3 is not available to the Company) registering under the Securities Act of 1933, as amended, the resale by the Existing Warrant Holders of the shares of Common Stock issuable upon exercise of the of the September 2025 Warrants or to include such shares of Common Stock in any other registration statement on Form S-3 filed by the Company. The September 2025 Warrants shall have an expiration date of December 13, 2029. The Exercise Price of the September 2025 Warrants is subject to adjustment for any stock split, stock dividend, stock combination, recapitalization or similar event and is also subject to adjustment in connection with certain subsequent offerings at a per share price less than the exercise price of the September 2025 Warrants then in effect. A holder of a September 2025 Warrant shall not have the right to exercise any portion of a September 2025 Warrant to the extent that, after giving effect to such exercise, the holder (together with certain related parties) would beneficially own in excess of 4.99% of shares of Common Stock outstanding immediately after giving effect to such exercise. The Maximum Percentage may be raised or lowered to any other percentage not in excess of 9.99%, at the option of the holder, except that any increase will only be effective upon 61 days' prior notice to the Company. The September 2025 Warrants prohibit the Company from entering into specified fundamental transactions unless the successor entity (subject to certain exceptions) assumes all of the Company's obligations under the September 2025 Warrants under a written agreement before the transaction is completed. Upon specified corporate events, a September 2025 Warrant holder will thereafter have the right to receive upon an exercise such shares, securities, cash, assets or any other property whatsoever which the holder would have been entitled to receive upon the happening of the applicable corporate event had the September 2025 Warrant been exercised immediately prior to the applicable corporate event. When there is a transaction involving specified changes of control, holders of September 2025 Warrants will have the right to force the Company to repurchase such holder's September 2025 Warrant for a purchase price in cash equal to the Black Scholes value, as calculated under the September 2025 Warrants, of the then unexercised portion of the September 2025 Warrant. Rodman & Renshaw, LLC and Stockblock Securities, LLC acted as the exclusive placement agents for the warrant exercise and inducement transaction. The Warrant Exercise Agreements contain other customary provisions including representations and warranties of the Company and the Existing Warrant Holders. The Warrant Exercise Agreement is available at https://tinyurl.com/2a6fekfj and the form of September 2025 Warrant is available at https://tinyurl.com/42tt28f9. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Scilex Holding had $92.95 million in total assets, $285.59 million in total liabilities, and a total stockholders' deficit of $192.64 million. SECURECOMM TECHNOLOGIES: Hires Hoffman & Saweris as Counsel ----------------------------------------------------------- Securecomm Technologies, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Matthew Hoffman and his law firm, Hoffman & Saweris, P.C., to serve as bankruptcy counsel in its Chapter 11 case. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties; (b) advise the Debtor with respect to the rights and remedies of the Estate's creditors and other parties in interest; (c) conduct appropriate examinations of witnesses, claimants, and other parties in interest; (d) prepare all appropriate pleadings and other legal instruments required to be filed in this case; (e) represent the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding in which the rights of the Debtor or the Estate may be affected; (f) represent and advise the Debtor in the reorganization of assets and liabilities through the bankruptcy court; (g) advise the Debtor in connection with the formulation, solicitation, confirmation, and consummation of any plan(s) of reorganization which the Debtor may propose; and (h) perform any other legal services that may be appropriate in connection with the continued operations of the Debtor's business. The firm will be paid at these hourly rates: Mr. Hoffman $400 Mr. Alan Brian Saweris $325 paralegals $75 Hoffman & Saweris, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Matthew Hoffman, Esq. Alan Brian Saweris, Esq. David M. Smith, Esq. HOFFMAN & SAWERIS, P.C. Riviana Building 2777 Allen Parkway, Suite 1000 Houston, TX 77019 Telephone: (713) 654-9990 Facsimile: (713) 654-0038 E-mail: Matthew@mhsawlaw.com Alan@mhsawlaw.com About Securecomm Technologies, Inc. Securecomm Technologies, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35638) on September 25, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $100,001 and $500,000. Judge Jeffrey P. Norman oversees the case. Hoffman & Saweris, P.C. is the Debtor's legal counsel. SECURECOMM TECHNOLOGIES: Jarrod Martin Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Jarrod Martin, Esq., a practicing attorney in Houston, as Subchapter V trustee for Securecomm Technologies, Inc. Mr. Martin will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Martin declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jarrod B. Martin, Esq. 1200 Smith Street, Suite 1400 Houston, TX 77002 Phone: 713-356-1280 Email: JBM.Trustee@chamberlainlaw.com About Securecomm Technologies Inc. Securecomm Technologies, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35638) on September 25, 2025, with $100,001 to $500,000 in assets and liabilities. Matthew Hoffman, Esq. at Hoffman & Saweris, P.C. represents the Debtor as legal counsel. SEMECHKI LLC: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- On October 9, 2025, Semechki LLC submitted a voluntary Chapter 7 bankruptcy petition in the U.S. Bankruptcy Court for the Eastern District of New York. The filing shows the company's liabilities estimated between $1 million and $10 million, and lists between 1 and 49 creditors. About Semechki LLC Semechki LLC is a single asset real estate company. Semechki LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44892) on October 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. SINCLAIR INC: Taps Ex-CFO Lucy Rutishauser as Consultant -------------------------------------------------------- Sinclair, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that pursuant to a previously announced Chief Financial Officer transition plan, on July 7, 2025, the Company announced that, effective such date, Lucy Rutishauser would step down as the Company's Chief Financial Officer and continue as Executive Vice President to support the transition of Narinder Sahai, as the Company's Executive Vice President and Chief Financial Officer. Effective October 1, 2025, Ms. Rutishauser retired from employment with the Company. On such date, the Company and Ms. Rutishauser entered into a consulting agreement whereby, for a period of up to two years, Ms. Rutishauser will provide mutually agreed upon strategic consulting services to the Company. During the term of the Agreement, Ms. Rutishauser will be paid $593.75 per hour for each hour that consulting services are performed, with a guarantee of payment for a minimum of eight hours per week, and, if Ms. Rutishauser elects to continue her health insurance coverage (including family coverage) with Sinclair (under COBRA), Sinclair shall pay for such COBRA coverage or, at the election of Ms. Rutishauser, will reimburse Ms. Rutishauser for any cost and expense actually incurred by Ms. Rutishauser for such COBRA coverage (including any additional taxes). COBRA coverage shall not extend beyond April 1, 2027 (the "Applicable COBRA Period"). During the portion of the term of the Agreement, if any, that extends past the Applicable COBRA Period, Sinclair will reimburse Ms. Rutishauser for any cost incurred by her (including any additional taxes) to secure and maintain equivalent health insurance above and beyond the cost she would have incurred as an employee were she (and her husband) covered under Sinclair's health insurance plan. The Agreement also contains non-competition, non-solicitation and confidentiality restrictions on Ms. Rutishauser. In connection with the Agreement, the Company and Ms. Rutishauser agreed to amend the terms of each outstanding award of Stock Appreciation Rights held by Ms. Rutishauser granted under the Sinclair, Inc. 2022 Stock Incentive Plan to extend the post-termination exercise period of the SARs on certain qualifying terminations to the 10-year expiration date of the SARs. A copy of the Agreement will be filed as an exhibit with the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. About Sinclair Inc. Headquartered in Hunt Valley, MD, Sinclair, Inc. is the operator of Tennischannel.com, one of the most popular sports streaming services in the country dedicated to providing prerecorded and live coverage of tennis and other racquetball sports. As of June 30, 2025, the Company had $5.67 billion in total assets, $5.38 billion in total liabilities, and $293 million in total equity. * * * The Troubled Company Reporter reported on Jan. 17, 2025, that S&P Global Ratings lowered the issuer credit rating on Sinclair Inc. to 'B-' from 'B'. At the same time, S&P lowered the issue-level rating on the company's existing senior secured debt to 'B' from 'B+' and placed it on CreditWatch with negative implications. S&P also lowered the issue-level rating on the company's existing senior unsecured debt to 'CCC' from 'CCC+'. SMITH'S BARBEQUE: Seeks Subchapter V Bankruptcy in Mississippi -------------------------------------------------------------- On October 5, 2025, Smith's Barbeque and Cajun Cuisine LLC entered voluntary Chapter 11 bankruptcy proceedings in the Northern District of Mississippi. The restaurant's petition shows estimated liabilities between $100,001 and $1 million. The company also reports having one to forty-nine creditors. About Smith's Barbeque and Cajun Cuisine LLC Smith's Barbeque and Cajun Cuisine LLC, dba The Cajun Shotgun House & Barbecue, is a family-run restaurant that combines traditional Cajun flavors with classic Southern barbecue dishes. Smith's Barbeque and Cajun Cuisine LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13340) on October 1, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Selene D. Maddox handles the case. The Debtor is represented by Susan C. Smith, Esq. SOUTHERN AUTO: Court Extends Cash Collateral Access to Nov. 1 ------------------------------------------------------------- Southern Auto Parts, Inc. received a one-month extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, to use cash collateral. The tenth interim order signed by Judge David Warren authorized the Debtor to use cash collateral for the period from October 1 to November 1 to pay the operating expenses set forth in its budget, subject to a 10% variance. The budget projects total operational expenses of $197,899.97 for the interim period. The creditors that assert an interest in the Debtor's cash collateral are General Parts Distribution, LLC, Carolina Small Business Development Fund, House-Hasson Hardware Company, First-Citizens Bank & Trust Company, and the U.S. Small Business Administration. As adequate protection, the secured creditors will be granted post-petition lien and security interest in all property of the Debtor with the same priority as their pre-bankruptcy lien and security interest. As additional protection, First-Citizens, the current holder of several loans, will be granted a superpriority administrative expense claim to the extent the use, sale, or lease of its collateral results in a decrease in its interest therein. The order remains in effect until modified or terminated by the court. Validity of liens created under the order will survive dismissal or conversion to Chapter 7. The final hearing is scheduled for October 16. About Southern Auto Parts Southern Auto Parts, Inc., formerly known as Trenton Auto Parts, Inc., owns and operates an auto parts store in Trenton, N.C. Southern Auto Parts filed Chapter 11 petition (Bankr. E.D.N.C. Case No. 25-00294) on January 27, 2025, with $1 million to $10 million in both assets and liabilities. Jared L. Beverage, president of Southern Auto Parts, signed the petition. Judge David M. Warren presides over the case. Joseph Zachary Frost, Esq., at Buckmiller & Frost, PLLC is the Debtor's legal counsel. First-Citizens Bank & Trust Company, as secured creditor, is represented by: Paul A. Fanning, Esq. Ward and Smith, P.A. P.O. Box 8088 Greenville, NC 27835-8088 Telephone: 252.215.4000 Facsimile: 252.215.4077 paf@wardandsmith.com General Parts Distribution, LLC, as secured creditor, is represented by: Kelly C. Hanley, Esq. P.O. Box 1000 Raleigh, NC 27602 Telephone: (919) 981-4000 Facsimile: (919) 981-4300 khanley@williamsmullen.com Carolina Small Business Development Fund, as secured creditor, is represented by: James R. Vann, Esq. Vann Attorneys, PLLC 3110 Edwards Mill Rd., Ste. 210 Raleigh, NC 27612 Telephone: (919) 510-8585 Facsimile: (919) 510-8570 jrvann@vannattorneys.com House-Hasson Hardware Company, as secured creditor, is represented by: Jason L. Rogers, Esq. Hodges, Doughty & Carson, PLLC P.O. Box 869 Knoxville, TN 37901-0869 Telephone: (865) 292-2307 jrogers@hdclaw.com SPIRIT AIRLINES: Secures Court OK on $200MM DIP, AerCap Lease Deal ------------------------------------------------------------------ Alex Wittenberg of Law360 reports that a New York bankruptcy judge on Friday, October 10, 2025, signed off on Spirit Airlines' bid to borrow $200 million in Chapter 11 financing and approve a settlement with its largest aircraft lessor. The ruling gives the low-cost carrier access to critical funds to sustain operations as it restructures and reduces the size of its fleet. The financing package will help Spirit meet immediate expenses and stabilize cash flow while it continues negotiations with creditors and lessors. The settlement with its biggest lessor also resolves key disputes over aircraft leases, paving the way for the airline to streamline its operations and focus on more profitable routes, according to report. With the court's approval, Spirit now has a financial and operational path forward as it works through bankruptcy. The company aims to emerge leaner and more efficient, supported by reduced lease costs and a smaller, more sustainable fleet, the report states. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRIT AVIATION: Hires Davis Polk & Wardwell as Legal Counsel ------------------------------------------------------------- Spirit Aviation Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Davis Polk & Wardwell LLP to serve as attorneys for the Debtors and Debtors-in-Possession in its Chapter 11 case. Davis Polk will provide these services: (a) prepare, on behalf of the Debtors, all necessary or appropriate motions, applications, objections, replies, answers, orders, reports, and other papers in connection with the administration of the Debtors' estates; (b) counsel the Debtors regarding their rights and obligations as debtors in possession and their powers and duties in the continued management and operation of their businesses and properties; (c) provide advice, representation, and preparation of necessary documentation and pleadings and take all necessary or appropriate actions in connection with debt restructuring, statutory bankruptcy issues, post-petition financing, strategic transactions, securities laws, and real estate, environmental, intellectual property, employee benefits, business and commercial litigation, and corporate and tax matters; (d) take all necessary or appropriate actions to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; (e) take all necessary or appropriate actions in connection with any Chapter 11 plan, any related disclosure statement, and all related documents and such further actions as may be required in connection with the administration of the Debtors' estates; and (f) act as general restructuring counsel for the Debtors and perform all other necessary or appropriate legal services in connection with the Chapter 11 Cases. For the services rendered, the Debtors propose to pay Davis Polk the applicable rates for timekeepers staffed on this matter as set forth in the firm's declaration and to reimburse Davis Polk according to its customary reimbursement policies. Davis Polk typically adjusts its rates on or around January 1 each year. According to court filings, Davis Polk & Wardwell LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Marshall S. Huebner, Esq. Darren S. Klein, Esq. Christopher S. Robertson, Esq. Joseph W. Brown, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Telephone: (212) 450-4000 E-mail: marshall.huebner@davispolk.com darren.klein@davispolk.com christopher.robertson@davispolk.com joseph.brown@davispolk.com About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. Spirit Aviation Holdings, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on August 29, 2025. Judge Sean H. Lane oversees the case. Marshall Scott Huebner, Esq. at Davis Polk & Wardwell LLP represents the Debtors as counsel. SPIRIT AVIATION: Hires PJT Partners as Investment Banker -------------------------------------------------------- Spirit Aviation Holdings, Inc., and its affiliated debtors seek approval from the U.S. Bankruptcy Court to employ PJT Partners LP as investment banker in connection with their Chapter 11 cases. PJT Partners will provide these services: (a) provide financial and strategic advice regarding the Debtors' capital structure and restructuring alternatives; (b) assist in evaluating potential financial transactions, including mergers, acquisitions, asset sales, and financing options; (c) assist in negotiations with creditors and stakeholders; (d) provide analyses and presentations related to valuation, liquidity, and restructuring options; (e) assist in the development and implementation of a restructuring or sale transaction; (f) render fairness opinions, if requested; and (g) provide other investment banking services as may be necessary for successful reorganization or sale. PJT Partners will receive a monthly fee of $200,000 and a transaction fee based on the consummated transaction value. The Debtors will also reimburse PJT for reasonable out-of-pocket expenses. Fifty percent of monthly fees paid after 12 months may be credited toward any transaction fee, subject to the engagement terms. PJT Partners has represented that it is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and holds no interest adverse to the Debtors. The firm can be reached at: John James O'Connell III PJT Partners LP 280 Park Avenue New York, NY 10017 About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. Spirit Aviation Holdings, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on August 29, 2025. Judge Sean H. Lane oversees the case. Marshall Scott Huebner, Esq. at Davis Polk & Wardwell LLP represents the Debtors as counsel. SPIRIT AVIATION: Taps Epiq Corporate as Administrative Agent ------------------------------------------------------------ Spirit Aviation Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Epiq Corporate Restructuring, LLC as Administrative Agent, nunc pro tunc to the petition date, in connection with its Chapter 11 case. Epiq will provide these services: (a) assist with solicitation, balloting, tabulation, and calculation of votes, and prepare reports as required in furtherance of plan confirmation, and process document requests from parties in interest; (b) generate an official ballot certification and, if necessary, testify in support of ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather related data; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide other processing, solicitation, balloting, and administrative services as may be requested by the Debtors, the Court, or the Office of the Clerk of the Bankruptcy Court. Epiq's hourly rates range from $55 to $195, depending on the level of personnel. The Debtors provided Epiq with a $50,000 retainer received on August 28, 2025, which remains on account. Epiq Corporate Restructuring, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kathryn Tran, Consulting Director EPIQ CORPORATE RESTRUCTURING, LLC 777 Third Avenue, 12th Fl. New York, NY 10017 About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. Spirit Aviation Holdings, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on August 29, 2025. Judge Sean H. Lane oversees the case. Marshall Scott Huebner, Esq. at Davis Polk & Wardwell LLP represents the Debtors as counsel. SPLASH BEVERAGE: Board Adopts 2025 Equity Incentive Plan -------------------------------------------------------- Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved and adopted the 2025 Equity Incentive Plan. The Plan is effective subject to shareholder approval in accordance with the Rules of The Nasdaq Stock Market, LLC. The plan will be effective upon stockholder approval, and will remain in effect until September 25, 2035, unless the Board terminates the Plan before expiration. Background: The Plan provides for the grant of incentive stock options ("ISOs"), non-qualified stock options, restricted stock awards, restricted stock units ("RSUs") and stock appreciation rights ("SARs"). Awards may be granted under the Plan to the Company's employees, directors and independent contractors. The purpose of the Plan is to enhance the ability of the Company to attract and retain qualified employees, consultants, Officers and directors, by creating incentives and rewards for their contributions to the success of the Company and its subsidiaries. Available Shares; Limits on Awards: The total number of shares of the Company's common stock which may be issued under the Plan is no more than 15% of the outstanding shares of common stock outstanding on a fully diluted basis. The Share Reserve will automatically increase on January 1 of each year for a period of seven years beginning on January 1, 2026, and ending on January 1, 2032, in an amount equal to 5% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year on a fully diluted basis. The Board may determine that prior to any Share Reserve increate date that the Share Reserve shall not increase or the Share Reserve will increase at a lesser number than what would otherwise occur on January 1 for that year. Administration and Eligibility: The Company's Compensation Committee will continue to administer the Plan until the Board otherwise directs. The Compensation Committee will have the authority to determine: (i) eligible employees to whom awards may be granted; (ii) when stock rights may be granted; (iii) exercise prices of awards, which may not be less than the fair market value; (iv) determine whether each option granted will be an ISO or a non-qualified option; (v) when stock rights become exercisable, duration of exercise period, and vesting terms; (vi) restrictions on awards; and (vii) any interpretations of the Plan and any promulgations, rules, and regulations relating to the Plan. Subject to applicable securities laws, the Compensation Committee may grant ISOs, non-qualified stock options, RSUs, restricted stock, and SARs to directors, officers, employees, and independent contractors under the Plan. Types of Awards That May Be Granted: Subject to limits in the Plan, the Compensation Committee may grant: (i) ISOs; (ii) non-qualified stock options (iii) restricted stock; (iv) RSUs; and (v) SARs. Non-Qualified Stock Options: The grant of a non-qualified stock option will not result in taxable income to the participant. The participant will recognize ordinary income at the time of exercise equal to the excess of the fair market value of the shares on the date of exercise over the exercise price and the Company will be entitled to a corresponding deduction for tax purposes. Gains or losses realized by the participant upon the sale of the shares acquired on exercise will be treated as capital gains or losses. Stock Appreciation Rights: The grant of SARs will not result in taxable income to the participant. The participant will recognize ordinary income at the time of exercise equal to the amount of cash received or the fair market value of the shares received (or the amount of cash) and the Company will be entitled to a corresponding deduction for tax purposes. If the SARs are settled in shares of common stock, then when the shares are sold the participant will recognize capital gain or loss on the difference between the sale price and the amount recognized at exercise. Whether it is a long-term or short-term gain or loss depends on how long the shares are held. Restricted Stock: Unless a participant makes an election to accelerate the recognition of income to the grant date (as described below), the grant of restricted stock awards will not result in taxable income to the participant. When the restrictions lapse, the participant will recognize ordinary income on the excess of the fair market value of the shares on the vesting date over the amount paid for the shares, if any, and the Company will be entitled to a corresponding deduction. If the participant makes an election under Section 83(b) of the Internal Revenue Code within thirty days after the grant date, the participant will recognize ordinary income as of the grant date equal to the fair market value of the shares on the grant date over the amount paid, if any, and the Company will be entitled to a corresponding deduction. Any future appreciation will be taxed at capital gains rates. However, if the shares are later forfeited, the participant will not be able to recover any taxes paid. Restricted Stock Units: The grant of a RSUs will not result in taxable income to the participant. When the RSU is settled and common stock delivered, the participant will recognize ordinary income equal to the fair market value of the shares provided on settlement and the Company will be entitled to a corresponding deduction. Any future appreciation will be taxed at capital gains rates. Forfeiture: Unless otherwise provided for in an agreement, all vested or unvested awards under the Plan granted to employees or consultants shall be immediately forfeited at the Board's discretion if any of the following events occur: (i) termination of the relationship with the grantee for cause including, but not limited to, fraud, theft, dishonesty and violation of Company policy; (ii) purchasing or selling securities of the Company in violation of the Company's insider trading guidelines then in effect; (iii) breaching any duty of confidentiality including that required by the Company's insider trading guidelines then in effect; (iv) competing with the Company; (v) being unavailable for consultation after leaving the Company's employment if such availability is a condition of any agreement between the Company and the grantee; (vi) recruitment of Company personnel after termination of employment, whether such termination is voluntary or for cause; (vii) failure to assign any invention or technology to the Company if such assignment is a condition of employment or any other agreements between the Company and the grantee; or (viii) a finding by the Board that the grantee has acted disloyally and/or against the interests of the Company. In addition to the foregoing, pursuant to Rule 10D-1 of the Exchange Act and the related rules promulgated by the New York Stock Exchange, the Company is required to recover from former and current executive officers reasonably, promptly, and completely the amount of erroneously awarded incentive-based compensation if the Company is required to prepare an accounting restatement due to Company's material non-compliance with any financial reporting requirement under the securities laws. Unless otherwise provided for in an agreement, all vested or unvested awards under the Plan granted directors of the Company shall be immediately forfeited at the Board's discretion if any of the following events occur: (i) purchasing or selling securities of the Company in violation of the Company's insider trading guidelines then in effect; (ii) breaching any duty of confidentiality including that required by the Company's insider trading guidelines then in effect; (iii) competing with the Company; (iv) recruitment of Company personnel after ceasing to be a director; or (v) a finding by the Board that the grantee has acted disloyally and/or against the interests of the Company. Adjustments upon Changes in Capitalization: In the event of increases or decreases in the number of issued shares of our common stock resulting from a stock split, reverse stock split, stock dividend, or combination or reclassification of shares, the number of shares of common stock authorized for issuance under the Plan and the price per share of common stock covered by an outstanding stock option or stock appreciation right, shall be proportionately adjusted. Notwithstanding the foregoing, any adjustments with respect to ISOs shall be made only after the Board or Compensation Committee determines the tax implications of such adjustment. Change of Control: In the event of a merger of Change of Control, outstanding awards under the Plan will be assumed, or an equivalent award will be substituted by the successor corporation. If a successor corporation refuses to assume or substitute the outstanding awards, the awards will fully vest and the participants will have the right to exercise their awards to the extent it would not otherwise be vested or exercisable. If an award becomes fully vested or exercisable in lieu of the assumption or substitution, the Board or Compensation Committee shall notify the participant that the award is fully vested and exercisable for a period of at least 15 days. "Change of Control" under the Plan means the occurrence of any of the following events: (i) the consummation of the sale or disposition by the Company of all or substantially all of the Company's assets in a transaction which requires stockholder approval under applicable state law; or (ii) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation. Amendment of the Plan and Awards Thereunder: The Board may amend the Plan at any time. However, except in the case of adjustments upon changes in common stock, no amendment will be effective unless approved by the stockholders of the Company to the extent stockholder approval is necessary to satisfy applicable laws or the rules of any stock exchange or quotation system on which the shares of common stock are listed or quoted. The Board may amend the terms of awards under the Plan at any time, however, the Board may not amend an award that would impair a participant's rights under the award without the participant's written consent. The full text of the Plan is available at https://tinyurl.com/5n7n7y73 About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of ccelerating them to higher volumes and increased sales revenue. As of December 31, 2024, the Company had $2.8 million in total assets, $21.4 million in total liabilities, and $18.6 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. SPLASH BEVERAGE: Board Adopts Bylaws to Revise Quorum, Voting Rules ------------------------------------------------------------------- Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board approved and adopted amendments to the Company's Bylaws. The Bylaw Amendments are summarized as follows: (i) provide that the quorum requirement for shareholders' meetings shall be one-third of the outstanding voting power; and (ii) provide that if a quorum is present, the affirmative vote of a majority of votes cast shall be an act of the shareholders unless a different voting standard is required by applicable law; (iii) provide for roles and duties of the Chief Executive Officer and President which are consistent with the Company's current management structure and (iv) remove a special notice timing requirement for the mailing of notice relating to an increase in authorized shares. The Amendments became effective upon their adoption on September 25, 2025. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is available at https://tinyurl.com/3kahaawd About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of ccelerating them to higher volumes and increased sales revenue. As of December 31, 2024, the Company had $2.8 million in total assets, $21.4 million in total liabilities, and $18.6 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. SRX HEALTH: Reports $15.1 Million Net Loss in Fiscal Q3 ------------------------------------------------------- SRx Health Solutions, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $15.1 million and $29.7 million in the three and nine months ended June 30, 2025, respectively. The Company incurred a net loss of $3.1 million and $11.1 million in the three and nine months ended June 30, 2024, respectively. As of June 30, 2025 and September 30, 2024, the Company had an accumulated deficit of $98.4 million and $70.0 million, respectively, and working capital deficiency of $49.6 million and $67.7 million, respectively. As of June 30, 2025, the Company had $33.99 million in total assets, $79.87 million in total liabilities, and $45.88 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/y4mtpcss About SRx Health Solutions, Inc. SRx Health Solutions, Inc. formerly known as Better Choice Company Inc., -- https://srxhealth.com/ -- is an integrated Canadian healthcare services provider that operates within the specialty healthcare industry. The SRx network extends across all ten Canadian provinces, making it one of the most accessible providers of comprehensive, integrated, and customized specialty healthcare services in the country. SRx combines years of industry, knowledge, technology, and patient-centric focus to create strategies and solutions that consistently exceed client expectations and drive critical patient care initiatives aimed to improve the wellness of Canadians. Tampa, Fla.-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and has an accumulated deficit and may need to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SS&C TECHNOLOGIES: $1.05BB Loan Add-on No Impact on Moody's Ba2 CFR ------------------------------------------------------------------- Moody's Ratings said the proposed SS&C Technologies, Inc.'s $1.05 billion backed senior secured first-lien term loan B add-on due 2031 has no impact to SS&C Technologies Holdings, Inc.'s (SS&C) ratings, including the Ba2 corporate family rating, and the Ba2-PD probability of default rating. Concurrently, the Ba1 ratings on the backed senior secured bank credit facilities issued by SS&C's subsidiaries, SS&C Technologies, Inc. and SS&C European Holdings S.a.r.l. and Ba3 rating on the senior unsecured notes issued by SS&C Technologies, Inc. are also unaffected by the debt add-on. The outlook remains unchanged at stable. SS&C is a leading provider of software and software-enabled solutions to financial services firms. Proceeds from the additional term loan B add-on will be used to acquire London, UK based Calastone, a global funds network and leading provider of technology solutions to the wealth and asset management industries. Founded in 2007, Calastone connects financial institutions via the facilitation of investment transactions through automation and other strategies. The acquisition of the company is expected to close in October 2025. The issuance of this additional debt to fund the transaction is modestly leveraging, with SS&C's pro forma our-adjusted debt/EBITDA at 3.7x, versus 3.3x prior to the debt raise as of June 30, 2025. However, the acquisition has long-term positive effects despite the comparatively small scale of the target as the acquired business is synergistic with SS&C's Global Investor & Distribution Solutions Group, Inc. offerings and is expected to be accretive to earnings within the next 12 months. Moody's views the company's liquidity profile to be very good as indicated by the speculative grade liquidity rating (SGL) of SGL-1. RATINGS RATIONALE SS&C's ratings, including the Ba2 corporate family rating (CFR), and stable outlook are unchanged. Moody's considers debt leverage moderately high, with debt/EBITDA of 3.7x (based on Moody's standard adjustments), pro forma for the additional debt issuance, for the trailing twelve month period ended June 30, 2025. The rating is supported by SS&C's large revenue scale, wide operating scope and solid competitive positioning as a leading provider of software and software-enabled services, primarily to financial services firms. SS&C's credit profile is further supported by its good revenue predictability, about 90% of which is attributable to recurring, transaction-based services provided to a very large client base. SS&C's strong profitability and annual free cash flow to debt of approximately 14% provides capacity to gradually repay debt. Additionally, its solid liquidity offers a buffer to manage temporary operational challenges effectively. SS&C's credit profile is negatively impacted by the company's concentrated vertical market focus with exposure to traditional and alternative asset management firms based in North America. To varying degrees, SS&C's fees from these customers can fluctuate based on the market value of assets under management and number of transactions processed. However, changes to revenues are somewhat cushioned from these factors due to their various pricing schemes, including minimum fees and tiered pricing. The issuer's credit quality is also influenced by corporate governance concerns related to the company's historical financial policies, featuring considerable expenditures on share repurchases and dividends, and an opportunistic, debt-fueled acquisition growth strategy. SS&C's history of increasing debt leverage significantly to finance acquisitions can result in high event risk and reflects an aggressive financial strategy, with ongoing potential for re-leveraging, that constrains credit quality. The SGL-1 speculative grade liquidity rating reflects SS&C's very good liquidity profile, with cash of approximately $480 million as of June 30, 2025 and Moody's expectations for over $800 million in free cash flow (after dividends) in 2025. SS&C's liquidity is also supported by the availability of a $600 million revolving credit facility (undrawn as of June 30, 2025) expiring in 2027. The revolver is subject to a maximum net leverage ratio covenant of 6.25x if utilization exceeds 30%. Moody's do not expect the covenant to be triggered, but expect that the company has ample operating cushion under the covenant if it is measured. The term loans do not include any financial maintenance covenants. The term loans require mandatory repayment from excess cash flow (as defined in the credit agreement), the amount of which is based on leverage levels. SS&C's senior secured debt, issued by subsidiaries SS&C Technologies, Inc. (SS&C Technologies) and SS&C European Holdings S.a.r.l. (SS&C Europe Sarl), is comprised of the company's $600 million revolver expiring 2027, $800 million senior secured term loan A due 2029, and $4.985 billion senior secured term loan B due 2031 pro forma for the proposed add-on. The Ba1 senior secured rating benefits from the first-loss absorption provided by the unsecured notes. The revolver and term loans are secured by a first priority security interest in substantially all tangible and intangible assets of the respective borrowers and their guarantor operating subsidiaries. Additionally, the lenders to the credit facilities are party to a Re-Allocation Agreement, which requires lenders to exchange participation in the event of a default such that each of the lenders hold proportionate amounts of debt at SS&C Europe Sarl and SS&C Technologies, effectively equalizing the recoveries across all tranches in the event of a bankruptcy. Accordingly, Moody's rates the facilities at both entities on par despite the differences in initial guarantees and collateral available to the loans at the two entities. SS&C Technologies, Inc.'s $2.75 billion of senior unsecured notes due 2027 and 2032 are rated Ba3, reflecting their junior position in the debt capital structure behind the large amount of secured claims. The stable outlook on SS&C reflects Moody's expectations that the company will continue to generate low single-digit percentage revenue and EBITDA growth over the next 12 to 18 months and debt/EBITDA (our adjusted) will decline towards a low 3.0x range during this period, barring additional debt funded acquisitions. However, Moody's outlook could be revised to negative from stable if there is a weakening in business performance or if SS&C adopts more aggressive financial strategies, such as large debt-funded share repurchases or acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if SS&C expands revenues and EBITDA over the intermediate term such that the company can sustain debt/EBITDA below 2.5x with free cash flow/debt sustained above 20% while adhering to conservative financial policies. The ratings could be downgraded if SS&C experiences meaningful weakness in operating performance or adopts more aggressive financial strategies, such that Moody's expects debt/EBITDA to remain above 4.0x and free cash flow to be below 10% over an extended period of time. SS&C Technologies Holdings, Inc., headquartered in Windsor, Connecticut, is a provider of software and software-enabled services to over 18,000 clients in the financial services and healthcare industries. Moody's projects that SS&C will generate revenue of about $6 billion in 2025. STAMFORD MANAGEMENTCO: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------------- On October 3, 2025, Stamford ManagementCo LLC voluntarily filed for Chapter 7 bankruptcy in the Eastern District of New York. Court documents show that the company's liabilities in the range of $0 to $100,000, with an estimated 1–49 creditors. About Stamford ManagementCo LLC Stamford ManagementCo LLC is a limited liability company. Stamford ManagementCo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73828) on October 3, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Charles J. Brown, III, Esq., of Gellert Seitz Busenkell & Brown, LLC. STEELHOMES MODULAR: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Steelhomes Modular Corp. (Lead Case) 25-21834 4300 NW 128 St Opa Locka FL 33054 Steelhomes LLC 25-21835 4300 NW 128 St Opa Locka FL 33054 Business Description: SteelHomes Modular Corp. and SteelHomes LLC, based in Opa-locka, Florida, design and manufacture modular steel-frame homes and structures, providing customizable floor plans for residential, commercial, and emergency housing applications. Chapter 11 Petition Date: October 7, 2025 Court: United States Bankruptcy Court Southern District of Florida Judge: Hon. Laurel M Isicoff Debtors' Counsel: Robert Reynolds, Esq. LAW OFFICES OF ROBERT F. REYNOLDS, P.A. 515 East Olas Blvd. 850 Fort Lauderdale, FL 33301 Tel: 954-755-9928 Email: rreynolds@robertreynoldspa.com Steelhomes Modular's Total Assets: $396,333 Steelhomes Modular's Total Liabilities: $5,636,160 Steelhomes LLC's Total Assets: $275,000 Steelhomes LLC's Total Liabilities: $2,680,031 The petitions were signed by Alfredo Rodriguez as president. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/7VJAITA/Steelhomes_Modular_Corp__flsbke-25-21834__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/4H6TEHI/Steelhomes_LLC__flsbke-25-21835__0001.0.pdf?mcid=tGE4TAMA STERLION CREATIONS: Unsecureds to Get 2 Cents on Dollar in Plan --------------------------------------------------------------- Sterlion Creations Inc. filed with the U.S. Bankruptcy Court for the Eastern District of New York a Plan of Reorganization dated October 1, 2025. Since its inception, the Debtor and its principal Joel Stern has been engaged in the Artwork of specialized manufacturing and customization of high-end promotional products, personalized corporate gifts, and memorial plaques. The Debtor is a New York State corporation formed on January 6, 2014. The business is distinguished by its proprietary capability to laser-engrave and print on durable materials such as stone, steel, and various metals, offering uniquely tailored items for both corporate and commemorative purposes. The final Plan payment is expected to be paid on December 31st, 2027. Upon sale of the business and inventory and machines. Debtor assumption of funds being available to make all plan payments timely. This Plan of Reorganization proposes to pay creditors of the Debtor from the sale of the business and the related sale of assets. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 2 cents on the dollar. This Plan provides for full payment of administrative expenses and priority claims. Class 3 consists of Nonpriority unsecured creditors. This Class shall be paid from the sale proceeds from Equipment and Inventory Amounts TBD at time of Sale. Approximately $0.02 (2 Cents) on their claims will be paid. This Class is impaired. Class 4 consists of Equity security holders of the Debtor. Class 4 Equity holder will not see any distribution since the assets will be liquidated and sold to pay off the secured claims and some funds to pay other classes. The Debtor principal Joel Stern shall arrange to sell all business assets and inventory and obtain the funds to implicate the bankruptcy plan. Distribution will be made with court approval. A full-text copy of the Plan of Reorganization dated October 1, 2025 is available at https://urlcurt.com/u?l=Wwmf4G from PacerMonitor.com at no charge. The Debtor's Counsel: Joshua Bronstein, Esq. JOSHUA R. BRONSTEINS & ASSOCIATES, PLLC 46 Grace Avenue, Apt. 3N Great Neck, NY 11021-2626 Phone: (516)698-0202 About Sterlion Creations Inc. Sterlion Creations Inc. is a custom art, engraving, printing, and commemorative manufacturing company. It produces personalized items such as trophies, plaques, engraved gifts, and promotional products for schools, religious institutions, nonprofits, and community organizations. The Company works with various materials, including glass, wood, acrylic, metals, stone, and textiles, and serves a diverse client base across faiths and sectors. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22563) on June 23, 2025, with under $50,000 in assets and over $1.2 million in liabilities. Joel Stern, chief executive officer, signed the petition. Judge Sean H. Lane presides over the case. Joshua R. Bronstein, Esq. at The Law Offices Of Joshua R. Bronstein & Associates, PLLC represents the Debtor as legal counsel. STS RENEWABLES: To Sell Drilling Business to 273 for $11.79MM ------------------------------------------------------------- STS Renewables Ltd., in its capacity as the authorized foreign representative, seeks permission from the U.S. Bankruptcy Court for the District of Delaware, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors are a vertically integrated geothermal energy system developer that provides renewable heating and cooling to multi-residential building developers. Their business is controlled by STS, a private Canadian corporation that directly or indirectly wholly owns each of the other Debtors. The Debtors' two complementary business segments, both of which primarily operate in the geothermal industry, are: (i) a business segment focused on utility development, through which they utilize an "energy-as-a-service" business model, and (ii) a business segment focused on geothermal, geotechnical, oil sands, and mineral-exploration drilling, through which they specialize in the drilling required to install geothermal energy systems. The Drilling Business has employed the majority of the Debtors' employees—as of April 15, 2025, nine employees were employed by the Debtors in connection with the Utility Development Business and ninety-six employees were employed in connection with the Drilling Business. The Utility Development Business operates through a joint venture with a subsidiary of Forum Investment and Development Corporation. The Debtors operate across Canada and the United States. As set forth in more detail in the Initial Foreign Representative Declaration, the Debtors' liquidity situation deteriorated in the lead-up to the commencement of the Canadian Proceedings and these Chapter 15 Cases. Both proceedings were commenced with the goal of obtaining financing to meet critical expenses and conducting a sale process. On May 15, 2025, the Debtors commenced the Canadian Proceedings with the Canadian Court. That same day, the Canadian Court entered an initial order authorizing, among other things, the Foreign Representative to act as the Debtors’ foreign representative and seek this Court's assistance via chapter 15 of the Bankruptcy Code. On June 10, 2025, this Court entered an order granting the Verified Petition, recognizing the Canadian Proceedings as a foreign main proceeding, recognizing the Foreign Representative. On May 23, 2025, the Canadian Court entered its SISP Approval. The SISP Approval Order approved and authorized a sale and investment solicitation process. The SISP provided for the Debtors and PricewaterhouseCoopers Inc., in its capacity as monitor of the Debtors, to implement the SISP and for the Monitor to lead a two-phase process to canvass the market for a value maximizing transaction or transactions. The SISP contemplated that any party who is a director, officer, employee, or other non-arms' length party in relation to the Debtors could participate in the SISP as a Potential Bidder, provided that the Monitor would not provide any information to the Insider whereby the Insider's receipt of such information might create an unfair advantage or jeopardize the integrity of the SISP. The Drilling Purchaser is owned and managed by certain Insiders, including John Paul Wegleitner, a director and officer of multiple Debtors. The Monitor was informed of such Insiders' intention to participate in the SISP at its outset and therefore incorporated and implemented appropriate safeguards to ensure the fairness of the SISP for all Potential Bidders. The principal terms of the Drilling Purchase Agreement is also provided. -- Vendor and Related Parties: STS (Vendor) STS USA, Earth Drilling, On Track, Earth Drilling US, Harris (Parties) -- Purchaser: 273 -- Transaction Structure: Reverse vesting share subscription transaction structure. -- Purchase Price: $11,794,408.52, as adjusted within the Drilling Purchase Agreement. The Drilling Purchase Agreement contemplates that the Drilling Purchaser will pay a total Purchase Price of $11,794,408.52, subject to the agreed treatment of certain accounts payable and accounts receivable. The Purchase Price is to be satisfied by (i) the cash deposit of $1,045,559.15, which has been received by the Monitor; (ii) the assumption of $1,332,642.93 of outstanding obligations owing under equipment leases to which the Debtors are party; and (iii) a cash payment of the remainder of the Purchase Price less the Deposit and less the amount of the Outstanding Equipment Lease Obligations. As described in the chart above, the parties have also reached an agreement with respect to the Drilling Subsidiaries' working capital. The Drilling Purchase Agreement contemplates a "reverse vesting" transaction. Reverse vesting transactions have become an increasingly common feature of CCAA proceedings, and are frequently approved by the Canadian Court. The Reverse Vesting Order provides that all claims will be vested out of the Drilling Subsidiaries and such claims will attach to the liabilities vested in ResidualCo. The Reverse Vesting Order contains releases and protections in favor of certain parties, including, among others, the current and former directors, officers, and legal counsel of the Drilling Subsidiaries and ResidualCo; the Monitor and its legal counsel; and the Monitor's respective current directors, officers, partners, employees, and advisors. The Debtors and the Drilling Purchaser have had advanced discussions and intend to enter into bills of sale of the Equipment with four parties. The listing of Equipment authorized to be sold to each Equipment Purchaser and the Bills of Sale are attached to the Zweig Declaration at Exhibit B. Entering into the Drilling Purchase Agreement and consummating the Drilling Transaction is a prudent exercise of the Debtors' business judgment. The Drilling Transaction represent the culmination of the SISP approved by the Canadian Court and conducted by the Monitor, a Canadian Court officer. The Foreign Representative believes that the Drilling Transactions represent the best realization of value for the Debtors’ stakeholders under the circumstances. The Drilling Purchase Agreement is the result of an extensive marketing process undertaken by the Monitor in accordance with the SISP and are the product of arm's length, good faith negotiations between the parties thereto, with each party represented by independent counsel and advisors. The Foreign Representative seeks a finding that 273 is a good-faith purchasers of the Bankruptcy Code and have not violated section 363(n) of the Bankruptcy Code. About STS Renewables Ltd. Subterra is a vertically integrated developer of geothermal energy systems that supplies renewable heating and cooling solutions to multi-residential building developers. It operates two core segments: a utility development business using an energy-as-a-service model and a drilling business that supports geothermal and resource exploration. Subterra operates across Canada and the U.S. and is wholly owned by STS Renewables, a private Canadian company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del.) on May 15, 2025. The Debtor discloses unknown estimated assets and liabilities. The other Debtor affiliates are Earth Drilling Co. Ltd., On Track Drilling Inc., Subterra Capital Partners Inc., Subterra Development Ltd., STS Renewables Earth USA Acquisition Co. Ltd., Earth Drilling Co. Ltd., Subterra Capital Partners US Inc., and Harris Exploration Drilling & Associates, Inc. The case is assigned to Hon. Karen B Owens. The Foreign Representative is STS Renewables Ltd., represented by Steven W. Golden, Esq., Colin R. Robinson, Esq., and Brooke E. Wilson, Esq., at PACHULSKI STANG ZIEHL & JONES LLP, in Wilmington, Delaware. The Foreign Proceeding is before the Ontario Superior Court of Justice (Commercial List), Court File No. CV-25-00743275-00CL. SWAHILI VILLAGE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Swahili Village M Street, LLC received interim approval from the U.S. Bankruptcy Court for the District of Columbia for authority to use cash collateral to fund operations. The court's interim order authorized the Debtor to use the cash collateral of its lenders from October 6 to 20 in accordance with its budget. The lenders that hold security interests in the Debtor's assets pursuant to their UCC-1 financing statements include the District of Columbia Office of Tax and Revenue and merchant cash advance lenders. These lenders are owed approximately $1,076,268.09. As adequate protection for any diminution in the value of their collateral, the lenders will be granted replacement liens on assets acquired by the Debtor after the bankruptcy filing, with the same priority and extent as their pre-bankruptcy liens. The next hearing is set for October 20. The deadline for filing objections is on October 16. The Debtor, a restaurant business located in Washington, D.C., has faced declining revenues attributed to COVID-19 and a broader downturn in local restaurant traffic, resulting in missed payment obligations. In response to liquidity shortfalls, the Debtor resorted to high-interest financing through multiple MCA lenders, which further strained its financial position. The Debtor reports gross revenues of over $7 million historically but only $5 million in 2024. On the petition date, the Debtor had over $1 million in secured debt, including tax liens and blanket liens from various MCA lenders, many of which are not clearly identified in public filings due to the use of generic representatives like CT Corporation. An additional $493,000 in debt is recorded in the Debtor's own financial records, owed to other MCA lenders. About Swahili Village M Street Swahili Village M Street, LLC operates a restaurant in Washington DC. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00437) on September 26, 2025. In the petition signed by Kevin Onyona, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. Craig M. Palik, Esq., at McNamee Hosea, P.A., represents the Debtor as legal counsel. SYNECHRON HOLDINGS: S&P Affirms 'B+' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on Synechron Holdings Inc. S&P also affirmed its 'B+' issue-level rating on the company's first-lien term loan B; the '3' recovery rating is unchanged and reflects its expectation for meaningful (50%-70%; rounded estimate 55%) recovery. The stable outlook reflects S&P's expectation that improving demand for IT services, contributions from recent acquisitions, and cost efficiencies will support revenue growth in the 20% area, an EBITDA margin expansion of approximately 300 basis points (bps), and higher levels of free operating cash flow (FOCF), enabling Synechron to deleverage below 5x over the next 12 months. It also assumes that the company will employ financial policies that support these expectations. The rating action considers that the $200 million fungible add-on is a significant increase to the company's debt relative to the existing capital structure, temporarily pushing its S&P Global Ratings-adjusted leverage above 5x. S&P said, "It also reflects our expectation that accelerating organic growth rates and the benefits of broadened service offerings post these transactions will provide Synechron good prospects to quickly deleverage and maintain credit metrics in alignment with expectations for the 'B+' rating. We project the company's leverage will decrease to the 4.0x area by the end of fiscal 2027." Synechron's performance so far in its fiscal 2026 reflects easing demand headwinds and accelerating organic growth. The overall IT spending environment faces ongoing challenges, mainly because budgetary constraints have elongated sales cycles and have prompted tighter cost controls on discretionary work and vendor consolidation. These trends have pressured the company's organic revenue generation. However, Synechron completed four strategic acquisitions over the past year, which have helped the company achieve modest total revenue growth of 2.7% in fiscal 2025. So far in 2026, Synechron's strong revenue growth rates and improving booking trends indicate that this positive momentum should continue over the next 12 months. The company's recent growth stems primarily from stronger demand and faster growth in Synechron's core business. The recent acquisitions immediately make Synechron a larger and credentialed ServiceNow provider in the BFSI market. This is expected to enhance win rates and wallet-share expansion with existing customers and bring new opportunities for growth. Calitii expands ServiceNow implementation capacity for complex, regulated banks. RapDev brings Datadog observability, strengthening cloud, data, and DevOps programs. Waivgen adds Appian low-code automation for workflow and operations. Together, these new capabilities will significantly scale and transform Synechron's ServiceNow practice into one of the largest financial services-focused platforms among service providers in the BFSI market. These acquisitions also broaden the company's customer relationships because Synechron's current customer base has minimal overlap with those of RapDev, Calitii, and Waivgen. Furthermore, the three acquired companies serve customers in markets beyond BFSI, including health care, pharmaceuticals, energy and utilities, and airlines, which will further support opportunities for expansion over time. The company's inorganic growth strategy should position it well for robust revenue growth in fiscal 2026, as should favorable demand trends in recent quarters. Stronger demand and the three recent ServiceNow-focused acquisitions position the company to unlock new ways to increase wallet share with existing customers and enter additional sectors, which strengthens prospects for winning new customers. Together, these developments should drive total revenue growth of approximately 20% in fiscal 2026. Improved revenue trends also increase operating leverage and--along with more effective bench utilization--boost operational efficiencies. S&P said, "We expect the business to sustain these trends as it scales and captures the full benefits of its recent strategic acquisitions, which support both growth and margin expansion. Although one-time transaction-related costs could affect credit metrics immediately after the deal closes, we expect Synechron to improve its margin profile as these costs subside. Our updated forecast projects that these developments will expand adjusted EBITDA margins to the mid-teens percent area over the next 12 months and increase free cash flow generation to approximately $85 million in fiscal 2026." S&P said, "We believe Synechron is willing and able to continue adhering to sufficiently conservative financial policies despite these acquisitions. While pro forma leverage is expected to temporarily rise above the company's stated 2.5x-3.5x target range, we don't view this as a departure from financial discipline. This is because of the material scaling of Synechron's ServiceNow practice through the acquisitions. Given the large and rapidly growing addressable market for these services, the appetite for and strategy to pursue all three acquisitions are considered to align with Synechron's stated strategy of pairing deep BFSI domain expertise with an integrated, multi-disciplinary delivery model. Limited customer overlap supports meaningful opportunities for incremental services to be cross-sold within Synechron's existing customer base, expanding wallet share. In addition, revenue growth and margin growth are expected to be accelerated by expansion into end markets beyond BFSI, including sectors such as health care, pharmaceuticals, energy and utilities, and airlines. Synechron also has a track record of successfully integrating acquisitions. "The stable outlook reflects our expectation that improving demand for IT services, contributions from recent acquisitions, and cost efficiencies will support revenue growth in the 20% area, EBITDA margin expansion of approximately 300 bps, and higher levels of FOCF, enabling the company to deleverage to below 5x over the next 12 months. It also assumes that the company will employ financial policies that support these expectations. "We could lower our ratings on Synechron if we expect its S&P Global Ratings-adjusted debt to EBITDA to remain elevated over 5x or for funds from operations (FFO) to debt to be sustained below 12%." This could occur if: -- Its operating performance underperforms our forecast, leading to weaker cash-flow generation; -- The company loses key clients and we take a less-favorable view of the business; or -- The company demonstrates less-conservative financial policies than suggested by management, such as by pursuing significant debt-financed acquisitions or dividends. S&P said, "We could raise our ratings on Synechron if it maintains its S&P Global Ratings-adjusted leverage comfortably below 4x and its FFO to debt metric approaches 20%. We could also raise the ratings if we expect the company to sustain growth rates that exceed industry averages while improving its scale and customer diversification." T&H 115: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------- On October 9, 2025, T&H 115 Corp. submitted a voluntary Chapter 7 bankruptcy petition to the U.S. Bankruptcy Court for the Eastern District of New York. The case, numbered #25-44883, shows that the company holds liabilities estimated between $100,001 and $1 million, with a reported creditor count ranging from 1 to 49. About T&H 115 Corp. T&H 115 Corp. is a single asset real estate company. T&H 115 Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44884) on October 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. TALEN ENERGY: Moody's Confirms Ba3 CFR & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Ratings confirmed Talen Energy Supply, LLC's (Talen) ratings, including the corporate family rating of Ba3 and its Probability of Default Rating of Ba3-PD, the Ba2 rating for the senior secured revolver and term loan, and the B2 rating for the senior unsecured debt. Talen's rating outlook is revised to negative from rating under review. As part of this rating action, Moody's downgraded the speculative grade liquidity rating to SGL-2 from SGL-1. This concludes the review for downgrade initiated on July 18, 2025. At the same time, Moody's assigned a Ba2 rating to the proposed $1.20 billion senior secured Term Loan B offering. The proceeds from these debt issuances will be used to finance the acquisition of two combined-cycle gas-fired power plants: the Guernsey project in Ohio and the Moxie Freedom project in Pennsylvania. "Guernsey and Moxie Freedom are high-quality assets located in areas with strong demand from data centers," said Toby Shea, Moody's Ratings VP – Sr. Credit Officer. "These acquisitions are financed entirely with debt, which will significantly raise Talen's leverage, thus the negative outlook." RATINGS RATIONALE The rating action at Talen balances the benefits of acquiring two high quality PJM assets that will provide incremental sustainable cash flow particularly given the very positive market dynamics within PJM against the incremental debt burden to acquire the assets along with the company maintaining a meaningfully sized share repurchase program. Talen is a relatively small merchant power producer with significant debt burden. The company owns about 10,310 MW of generating capacity, primarily located in the PJM market. While Talen's asset mix includes coal, gas, and nuclear facilities, the company's free cash flow prior to the acquisition was dominated by its 2,228 MW Susquehanna nuclear power plant. The addition of the Guernsey and Moxie Freedom combined-cycle gas plants (total 2,881 MW) will reduce Susquehanna's relative contribution, though it will continue to account for a large share of portion of Talen's consolidated free cash flow. The Susquehanna nuclear power plant is highly profitable and produces strong cash flow because of its large scale and low cost of operations. It also has a high cash flow stability because it is entitled to a $43.75/MWh price floor supported by the nuclear production tax credit (PTC), which remains effective through 2032. Importantly, Susquehanna is under contract to sell an increasing amount of power to Amazon.com, Inc. (A1 Positive) at a significant premium to the wholesale market through 2042. Amazon's contracted share of capacity is set to increase from approximately 11% in 2026 to at least 38% starting 2029, and then to a minimum of 75% starting 2032. The contract remains in effect through 2042. Talen reported funds from operations (FFO) to debt ratios of 6% for 2024 and just 1% for the twelve months ending June 30, 2025. The 2024 performance was weakened by corporate actions, including a debt-funded share repurchase and asset sales that did not result in a corresponding debt reduction. The latest twelve-month figure was impacted by a maintenance outage earlier in the year that extended beyond initial expectations. These figures fall well short of the levels typically associated with its current ratings. Given the current strong commodity environment, the company has the potential to produce FFO to debt ratios in the low teens, or possibly better, but the likelihood is unclear given its track record. Moody's also downgraded Talen's speculative grade liquidity rating to SGL-2 from SGL-1 owing to the company's acquisition and share repurchase plans which are expected to utilize free cash flow generation and borrowing capacity to some degree. Outlook Talen's negative outlook reflects its persistently low funds from operations (FFO) to debt ratio since emerging from bankruptcy in May 2023. While the ratio could improve in 2026—potentially reaching the low teens—even as the company pursues a debt-funded acquisition, any meaningful improvement will depend on its ability to execute its strategy effectively. This includes maintaining high plant availability, actively managing hedge positions, and prioritizing debt reduction. Execution of its stated goal to reduce $300 million in acquisition-related debt and maintain a net debt to EBITDA ratio below 3.5x by year-end 2026 will be critical to supporting stronger credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade Moody's could revise Talen's outlook to stable if it consistently maintains an FFO-to-debt ratio of 13% or higher. An upgrade is unlikely in the near term due to the current negative outlook. However, future upgrades would depend on the company demonstrating sustained operational stability, robust liquidity, and further financial improvement—specifically, maintaining an FFO-to-debt ratio above 18%. Factors that could lead to a downgrade Moody's could downgrade Talen should its FFO to debt continues to stay well below 13%. If Talen's plant operations deteriorate, margins are negatively affected by lower power prices, there is an increase in operating costs or weakened liquidity., a downgrade could also occur. Company Profile Talen Energy Supply, LLC (Talen) is an independent power producer with 10.3 GW of generating capacity. Talen is a wholly-owned by Talen Energy Corporation (TEC), a holding company headquartered in Houston, TX. TEC conducts all its business activities through Talen. LIST OF AFFECTED RATINGS Issuer: Talen Energy Supply, LLC Assignments: Senior Secured Bank Credit Facility, Assigned Ba2 Downgrades: Speculative Grade Liquidity Rating, Downgraded to SGL-2 from SGL-1 Confirmations: LT Corporate Family Rating, Confirmed at Ba3 Probability of Default Rating, Confirmed at Ba3-PD Senior Secured Bank Credit Facility, Confirmed at Ba2 Senior Secured Regular Bond/Debenture, Confirmed at Ba2 Outlook Actions: Outlook, Changed To Negative From Rating Under Review Issuer: Pennsylvania Economic Dev. Fin. Auth. Confirmations: Senior Unsecured Revenue Bonds, Confirmed at B2 The principal methodology used in these ratings was Unregulated Utilities and Power Companies published in August 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TEKNATOOL USA: Gets Extension to Access Cash Collateral ------------------------------------------------------- Teknatool USA, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The sixth interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% percent for each line item; and additional amounts subject to approval by secured creditor, Pathward, National Association. This authorization will continue until further order of the court. As protection for the use of its cash collateral, Pathward was granted a post-petition lien on its collateral, with the same validity, priority and extent as its pre-bankruptcy lien. During the interim period, the Debtor is not required to make payments to Pathward on the revolving loan. The Debtor, however, agreed to a monthly payment of $10,000 on the SBA 7a loan. As of the petition date, the Debtor owed $3.5 million to Pathward on the SBA 7a loan. The next hearing is scheduled for December 16. About Teknatool USA Inc. Teknatool USA Inc., a company in Seminole, Fla., offers a wide array of woodturning tools and accessories, including lathes and chucks, catering to both hobbyists and professionals in the woodworking community. Teknatool USA filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-01248) on March 1, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Catherine Peek McEwen handles the case. Joel Aresty, Esq., at Joel M. Aresty, PA is the Debtor's legal counsel. Pathward N.A., as secured creditor, is represented by: James J. Webb, Esq. Mitrani, Rynor, Adamsky & Toland, P.A. 301 Arthur Godfrey Road, PH Miami Beach, FL 33140 Tel: (305) 358-0500 Fax: (305) 358-0550 jwebb@mitrani.com TELESAT LLC: Nuveen Credit Marks $1.1MM Loan at 36% Off ------------------------------------------------------- Nuveen Credit Strategies Income Fund (JQC) has marked its $1,170,000 loan extended to Telesat LLC to market at $746,712 or 64% of the outstanding amount, according to Nuveen Credit's Form N-CSR for the fiscal year ending July 31, 2025, filed with the U.S. Securities and Exchange Commission. JQC is a participant in a Loan to Telesat LLC. The loan's interest rate and maturity is to be determined. Nuveen Floating Rate Income Fund (JFR), Nuveen Credit Strategies Income Fund (JQC), Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred Securities & Income Opportunities Fund (JPI), and Nuveen Variable Rate Preferred & Income Fund (NPFD) feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares. Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. The Fund is led by David J. Lamb as Chief Administrative Officer, and Marc Cardella Vice President and Controller. The Fund can be reach through: David J. Lamb Nuveen Credit Strategies Income Fund 333 West Wacker Drive Chicago, IL 60606 Telephone: (800) 257‑8787 About Telesat LLC Telesat LLC operates as a satellite operator. The Company offers satellite delivered communications solutions to broadcast, telecom, corporate, and government. TOCO HOLDINGS: Seeks to Hire Andrews Myers as Legal Counsel ----------------------------------------------------------- Toco Holdings, L.L.C. and Toco Warranty Corp. seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Andrews Myers, P.C. to serve as legal counsel in their jointly administered Chapter 11 Subchapter V cases. Andrews Myers, P.C. will provide these services: (a) assist, advise, and represent the Debtors relative to the administration of this jointly administered Chapter 11 case; (b) assist, advise, and represent the Debtors in analyzing assets and liabilities, investigating the extent and validity of liens and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with representatives of creditors; (d) assist the Debtors in the preparation, analysis, and negotiation of any plan(s) of reorganization and related disclosure statement(s); (e) take all necessary action to protect and preserve the interests of the Debtors; (f) appear before the Court, Appellate Courts, and other courts to protect the Debtors' interests; and (g) perform all other necessary legal services, including the removal of any pending Texas state court litigation to the Bankruptcy Court. These are the hourly billing rates for Andrews Myers, P.C.: -- T. Josh Judd, Shareholder $585 -- Edward Ripley, Shareholder $700 -- Lisa Norman, Shareholder $575 -- Bryce C. Latray, Associate $385 -- Paralegals $200 to $285 Samantha Ray, the primary paralegal on this matter, bills at $275 per hour. Andrews Myers, P.C. received retainers of $50,000 from Toco Holdings, L.L.C. and $75,000 from Toco Warranty Corp., with remaining prepetition balances of $38,885.39 and $54,281.67, respectively. The firm also charges a flat fee of three percent (3.00%) of billed fees to cover most out-of-pocket expenses. According to court filings, Andrews Myers, P.C. does not represent any interest adverse to the Debtors or their estates and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: T. Josh Judd, Esq. ANDREWS MYERS, P.C. 1885 Saint James Place, 15th Floor Houston, TX 77056 Telephone: (713) 850-4200 Facsimile: (832) 786-4877 E-mail: jjudd@andrewsmyers.com About Toco Holdings LLC Toco Holdings, LLC, a company based in Houston, Texas, operates in the investment management sector, focusing on stock holdings. Toco Holdings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35378) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by T. Josh Judd, Esq., at Andrews Myers, P.C. TRANSOCEAN LTD: Announces $243M in Exercised Options for Drillships ------------------------------------------------------------------- Transocean Ltd. announced contract fixtures for two of its ultra-deepwater drillships. In aggregate, the fixtures represent approximately $243 million in firm contract backlog. In the U.S. Gulf of America, bp exercised a 365-day option for the Deepwater Atlas in direct continuation of its firm contract. The program is expected to contribute approximately $232 million in backlog. In Brazil, Petrobras exercised a 30-day option for the Deepwater Mykonos in direct continuation of its firm program. The program is expected to contribute approximately $11 million in backlog. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. Transocean reported a net loss of $512 million in 2024, a net loss of $954 million in 2023, a net loss of $621 million in 2022, and a net loss of $591 million in 2021. As of June 30, 2025, the Company had $17.8 billion in total assets, $6.9 billion in total long-term liabilities, and $9.4 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In October 2025, S&P Global Ratings revised its outlook on offshore drilling contractor Transocean Ltd. to stable from negative and affirmed all its ratings on the company, including the 'CCC+' issuer credit rating. TRB SUPPLY: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Alabama granted TRB Supply Inc. final approval to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral in the ordinary course of business according to its budget. Use of cash collateral is strictly limited to necessary business expenses and the Debtor cannot exceed any budgeted line item by more than 10% without court approval or prior consent from the U.S. Small Business Administration. The Debtor projects total monthly operational expenses of $380,741.29. The Debtor may remit $900 per month to its legal counsel to cover future Subchapter V trustee fees. The funds will be held in trust pending the filing of a fee application by the Subchapter V trustee or further orders from the court. The SBA, which holds a $350,000 secured Economic Disaster Recovery Loan, will be granted replacement liens on post-petition cash and assets in case of any diminution in value of its collateral. These liens are subordinate only to a carveout for approved professional fees. If the protection proves inadequate, the SBA may seek an administrative expense claim, subordinate to the fee carveout. The Debtor's right to use cash collateral terminates upon the effective date of any confirmed Chapter 11 plan or failure to comply with the order, unless cured within five days or consented to by SBA. The order remains effective if the case is converted to Chapter 7 or dismissed and is immediately enforceable. The final order is available at https://is.gd/kFAH9z from PacerMonitor. The Debtor previously obtained an SBA EIDL loan with a balance of approximately $350,000, secured by a lien on the Debtor's tangible and intangible personal property, including accounts receivable and deposit accounts. While other creditors may assert liens, the Debtor argues the SBA holds the priority position and that some other lien claims are invalid or inferior. About TRB Supply Inc. Based in Collinsville, Alabama, TRB Supply, Inc. provides structural steel fabrication and produces various steel products in the metal fabrication and manufacturing industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-41170) on September 3, 2025, listing $795,624 in assets and $3,218,089 in liabilities. Judge James J. Robinson oversees the case. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC, represents the Debtor as legal counsel. TRICO MILLWORKS: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine granted Trico Millworks, Inc. final approval to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral according to its budget, with expenditures capped at 110% of the projected amounts. Weekly reporting to the pre-bankruptcy lienholder, the Subchapter V trustee, and the U.S. Trustee is required to compare actual versus projected performance. The Debtor's 13-week budget projects total operational expenses of $549,134. As adequate protection, the pre-bankruptcy lienholder will be granted liens on all of the Debtor's assets (except avoidance action proceeds) to the extent of any diminution in the value of its collateral, maintaining the same priority as before the petition. The lienholder also retains continuing liens on proceeds, products, and profits acquired post-petition. These liens are fully perfected without additional filings. In case these adequate protection liens do not fully cover any diminution in value, the remaining obligations will constitute administrative claims under 11 U.S.C. Section 507(b). A continued final hearing is set for December 4, with objections due by November 26. About Trico Millworks Inc. Trico Millworks, Inc. designs, fabricates, and installs custom architectural millwork for commercial construction projects across Maine and New Hampshire. Founded in 2000, the company serves schools, medical facilities, and office buildings, providing cabinetry, doors, stair components, reception and display fixtures, and other interior woodwork, and holds QCP Certification from the Architectural Woodwork Institute. Trico Millwork collaborates with contractors on projects ranging from small fit-ups to large-scale millwork packages. Trico Millworks sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20222) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by Adam Prescott, Esq., at Bernstein, Shur, Sawyer & Nelson, P.A. BCM ADVISORY GROUP is the Debtor's Financial Advisor. TRICOLOR AUTO: Stops Paying Rent Prior to Ch. 7, Landlords Say -------------------------------------------------------------- Aidan Bush of Auto Finance News reports that Tricolor Auto Group, a Dallas, Texas-based subprime auto lender and used-car dealer, sought Chapter 7 bankruptcy protection on September 10, 2025, after falling behind on rent payments the month before. Court filings show that nearly a dozen of the company's landlords have entered appearances in the case, seeking to recover unpaid rent and determine what will happen to vehicles still stored on their properties. Documents filed in bankruptcy court reveal that the trustee’s office overseeing Tricolor's liquidation has begun the process of removing vehicles from various dealership and storage locations. The retrieval and sale of those vehicles could take several weeks due to the scale of operations and the involvement of multiple landlords in different states. Tricolor built its business around providing financing and affordable vehicles to underserved, credit-challenged buyers, particularly within Hispanic communities. At its height, the company ran more than 50 locations across Texas, Nevada, and California, but its shutdown now stands as a major blow to the subprime auto finance sector, the report states. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq., at Sidley Austin LLP. TRIDENT EQUITIES: Section 341(a) Meeting of Creditors on Nov. 10 ---------------------------------------------------------------- On October 9, 2025, Trident Equities LLC initiated voluntary Chapter 11 bankruptcy proceedings in the Eastern District of New York. The company listed total liabilities between $1 million and $10 million. The petition further noted that the company has approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on November 10, 2025 at 02:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 7219992. About Trident Equities LLC Trident Equities LLC is a real estate investment company. Trident Equities LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73917) on October 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Alan S. Trust handles the case. TURQUOISE LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Turquoise, LLC DBA Turquoise Trucking 34 43rd Ave SW Cedar Rapids, IA 52404 Business Description: Turquoise, LLC, operating as Turquoise Trucking, provides trucking and logistics services from Cedar Rapids, Iowa, offering dry van and refrigerated transportation across the contiguous United States. The Company operates an asset-based fleet of tractors and trailers and provides warehousing, cross-docking, and team delivery services. It serves commercial clients with a focus on safety, efficiency, and professional freight handling. Chapter 11 Petition Date: October 8, 2025 Court: United States Bankruptcy Court Northern District of Iowa Case No.: 25-01112 Debtor's Counsel: Joseph A. Peiffer, Esq. AG & BUSINESS LEGAL STRATEGIES PO Box 11425 Cedar Rapids, IA 52410 Tel: 319-363-1641 Fax: 319-200-2059 Email: joe@ablsonline.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Resat Akinci as member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K7UFA3A/Turquoise_LLC__ianbke-25-01112__0001.0.pdf?mcid=tGE4TAMA TURQUOISE LLC: Seeks Subchapter V Bankruptcy in Iowa ---------------------------------------------------- On October 8, 2025, Turquoise LLC voluntarily sought Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Iowa. The company's filing shows liabilities between $1 million and $10 million. Court documents further indicate that the debtor has between 50 and 99 creditors. About Turquoise LLC Turquoise LLC is a limited liability company. Turquoise LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Case No. 25-01112) on October 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Thad J. Collins handles the case. The Debtor is represented by Austin Peiffer, Esq. of Ag & Business Legal Strategies. UNITED CABINET: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: United Cabinet Company, LLC DBA Kabinart 3650 Trousdale Drive Nashville, TN 37204-4511 Business Description: United Cabinet Company, LLC, doing business as Kabinart, designs and manufactures kitchen cabinetry products, including a range of door styles, specialty finishes, and interior convenience features. Founded in 1963, the Company focuses on producing premium construction cabinets through a network of local, independently owned businesses rather than national retail chains. It operates a 170,000-square-foot facility staffed by approximately 150 employees. Chapter 11 Petition Date: October 6, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 25-04196 Judge: Hon. Nancy B King Debtor's Counsel: Michael G. Abelow, Es.q SHERRARD ROE VOIGT & HARBISON, PLC 1600 West End Avenue Suite 1750 Nashville, TN 37203 Tel: (615) 742-4532 Email: mabelow@srvhlaw.com Total Assets: $2,528,520 Total Liabilities: $15,466,436 The petition was signed by Adam Taylor as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M6Y2DOY/United_Cabinet_Company_LLC__tnmbke-25-04196__0001.0.pdf?mcid=tGE4TAMA UNITI FIBER: Fitch Assigns 'BB-(EXP)sf' Rating on Class C Notes --------------------------------------------------------------- Fitch Ratings has assigned expected ratings and Rating Outlooks to Uniti Fiber ABS Issuer LLC, secured fiber network revenue term notes, series 2025-2 as follows: - Series 2025-2, class A-1 'A-sf'/Outlook Stable; - $180,000,000 series 2025-2, class A-2 'A-sf'/Outlook Stable; - $28,200,000 series 2025-2, class B-2 'BBB-sf'/Outlook Stable; - $41,800,000 series 2025-2, class C-2 'BB-sf'/Outlook Stable. The total issuance amount above does not include the $75 million variable funding note (VFN), as it will be undrawn at close. Class R - Not Rated ($48.2 million, consisting of $31 million from 2025-1 and $17.2 million from 2025-2) is a risk retention class held by the originator and reflects 5% of the fair value of notes at the time of issuance. The total note balance including 2025-1 notes is $839 million. Transaction Summary The transaction is the second securitization managed by Uniti Fiber Holdings, Inc. (Uniti Fiber) under the master trust and follows the 2025-1 issuance in February 2025. This transaction represents a securitization of contract payments derived from an existing enterprise fiber network operated by Uniti. The collateral assets include conduits, cables, network-level equipment, access rights, customer contracts and transaction accounts. Debt is secured by net cash flow (NCF) from operations and benefits from a perfected security interest in the securitized assets. The collateral network consists of the sponsor's enterprise fiber network, which includes approximately 20,000 fiber route miles, serves approximately 14,000 buildings and 7,000 wireless towers across multiple counties in Florida, Alabama, Louisiana, Mississippi, Georgia and South Carolina. The collateral network supports 26,803 circuits that provide dark/lit backhaul for fiber-to-the-tower wireless customers, data transport, internet and ethernet connectivity solutions for enterprise businesses, voice services and wholesale last-mile fiber connections for wireline carriers. Fitch estimates that the securitized collateral represents approximately 56% of Uniti's revenues from enterprise customers generated through fiber networks based on management-provided fiscal year 2025 data. With the 2025-2 issuance, markets in Georgia and South Carolina will be contributed to the master trust. In addition, the 2025-2 issuance includes a VFN with a maximum principal amount of $75 million, although it will be undrawn at close. The VFN is subject to draw conditions, which include pro forma senior leverage and pro forma senior debt service coverage ratio (DSCR). The ratings reflect a structured finance analysis of cash flows from the ownership interest in the underlying fiber optic network, rather than an assessment of the corporate default risk of the ultimate parent, Uniti Group Inc. (B-/Stable). In August 2025, Uniti completed its acquisition of Windstream, pursuant to which it has reorganized its business units, consolidated its debt facilities (the Uniti parent entity is now the obligor and/or guarantor on all debt facilities), and consolidated all operations. Uniti acquired Windstream's residential fiber, enterprise and wholesale assets. Windstream assets have been excluded from the subject 2025-2 issuance. Following the merger, Uniti has reorganized into the following three business segments which will be reflected in its financial reporting: - Kinetic, which consists of fiber-to-the home and Kinetic business and wholesale; - Fiber Infrastructure, which includes Uniti Fiber, Uniti Leasing, and the Windstream Wholesale segments; - Uniti Solutions (formerly known as Windstream Enterprise). The assets in 2025-1 and 2025-2 are part of the Uniti Fiber unit within the Fiber Infrastructure segment. The ratings on the 2025-1 notes are subject to affirmation concurrent with the transaction close and the assignment of final ratings. KEY RATING DRIVERS NCF and Leverage: Fitch's NCF on the pool is $79.9 million, implying a 14.3% haircut to issuer NCF. The debt multiple relative to Fitch's NCF on the rated classes is 10.5x, compared with debt/issuer NCF leverage of 9.0x. Based on the Fitch NCF and assumed annual revenue growth of 1.5%, and following the transaction's anticipated repayment date (ARD), the notes would be repaid 17.8 years from closing. Credit Risk Factors: The major factors affecting Fitch's determination of cash flow and maximum potential leverage include the high quality of the underlying collateral networks, which are 100% fiber, the low historical churn rates compared to peers, the geographic diversification of the collateral and low customer concentration, strong competitive positioning, seasoned markets with adequate operating history, the capability of the operator, and the transaction structure. The collateral for this transaction exhibits diversity by customer concentration and geography with two additional markets (Georgia and South Carolina). The collateral pool contains 26,803 circuits with the two largest customers accounting for 21.6% and 9.5% of collections, respectively, with no other customer accounting for more than 2.4% of monthly revenue. The geographic footprint for the collateral consists of networks of counties along the Gulf Coast region of the U.S., in the states of Florida (30.9% of monthly revenue), Alabama (29.3%), Louisiana (26.7%) and Mississippi (8.1%). For the newly contributed states, Georgia represents 4.4% and South Carolina represents 0.6% of monthly revenues. Asset composition is consistent with 2025-1 with the exception of possible introduction of e-rate contracts. The newly contributed markets (Georgia and South Carolina) are well-seasoned and have strong competitive positioning. For the overall portfolio, the weighted average seasoning, remaining contract term, customer concentration, and revenue mix are all generally stable. E-rate contracts can be contributed to the securitization, and contractual revenues from these contracts would contribute to meeting draw conditions to borrow under the VFN. These contracts rely upon subsidies provided to educational institutions to make payments under the contract; in Fitch's view, such contracts may be susceptible to idiosyncratic risks including legislative action, program demand exceeding allocated funding, and reduction of eligible services. Although Fitch does not expect that e-rate circuits will comprise a large portion of the overall cash flow given the diversification in the pool and Uniti having shown several years of churn data for this segment, these contracts were not within the purview of the asset and market analysis provided by Altman, the back-up manager. Fitch would require additional data and analysis to consider potential mitigants. The transaction structure is similar to other digital infrastructure securitizations rated by Fitch. Attributes that include an in-place backup manager, triggers related to cash flow decline, a six-month liquidity reserve and an ARD structure are consistent with what Fitch typically observes in the sector. The transaction introduces a VFN with associated draw conditions. Trigger levels are consistent with 2025-1. The cap on replacement churn capex will increase from $23 million to $32 million, although it remains consistent as a percentage of debt issued. Interest is allocated sequentially among the securities in direct alphanumerical order. Interest will be paid as follows: A-1, A-2, B-1, B-2, C Interest is based on the amount of accrued interest. Accrued interest for each note will be calculated on the basis of a 360-day year consisting of 12 30-day months. If a Rapid Amortization Period or Post-ARD Period is in effect, payments of accrued note interest on the Class C Notes will be subordinated to payments of principal on the Class A Notes and Class B Notes, as more specifically set forth in the priority of payments. Principal payments will be paid in accordance with the amortization schedule. No principal payments will be required prior to the ARD of each series unless a cash flow sweep or amortization period commences, an event of default under the indenture occurs and is continuing or certain casualty or condemnation events occur, or with proceeds from the disposition of fiber assets. Any scheduled principal payments will be paid as follows: A-1, A-2, B-1, B-2, C. Technology-Dependent Credit: Due to the specialized nature of the collateral and potential for changes in technology to affect long-term demand for digital infrastructure, the senior classes of this transaction do not achieve ratings above 'Asf'. The securities have a rated final payment date 30 years after closing, and the long-term tenor of the securities increases the risk that an alternative technology will be developed, rendering obsolete the current transmission of data through fiber optic cables. Fiber optic cable networks are currently the fastest and most reliable means to transmit information, and data providers continue to invest in and utilize this technology. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Declining cash flow as a result of higher expenses, customer churn, declining contract rates, contract amendments or the development of an alternative technology for the transmission of data could lead to downgrades. Fitch's base case NCF was 14.3% below the issuer's underwritten cash flow. A further 10% decline in Fitch's NCF indicates the following ratings based on Fitch's determination of MPL: class A1 and A2 to 'BBB-sf' from 'A-sf', class B1 and B2 to 'BBsf' from 'BBB-sf', and class C to 'B-sf' from 'BB-sf'. In its analysis, Fitch considered scenarios relating to borrowings under the VFN. The VFN will not be drawn at inception. Although there are other draw conditions, Fitch views the primary constraint as the 6.50x maximum pro forma senior leverage ratio. At closing of 2025-2, this leverage ratio is at approximately 6.5x. Therefore, to fund the VFN at or near inception, asset contributions generating sufficient net operating income would be required. One scenario applied Fitch NCF, adjusted for revenue growth to reflect a fully funded VFN, and interest-rate stresses to evaluate the impact of higher rates attached to the VFN. The interest rate stress does not result an increased time for the A, B or C notes to pay in full. Sensitivity Regarding VFN Draw Conditions and E-rate Contributions Fitch evaluated a sensitivity to evaluate the degree to which the draw conditions that govern the VFN effectively preserve NCF and the overall quality, in Fitch's estimation, of the securitized assets. Given that asset contributions that represent a 5% increase in NCF for a fiscal year would trigger a rating agency confirmation, Fitch evaluated a scenario in which assets are contributed up to this threshold. In this scenario, Fitch models that only e-rate contracts are contributed to the transaction, on which Fitch has employed a conservative haircut. In this scenario, Fitch increased revenues commensurate with the issuer's NCF margin on gross revenues of 51.7%. It assumed VFN draw permissible given draw conditions (approximately $34 million). In this scenario, Fitch assumed some benefit to economies of scale based on back-up manager Altman's management fee projections. This scenario reflects a 15.1% haircut versus the issuer NCF for this scenario, for which Fitch simply scaled issuer NCF by 5%. Given that Fitch expects that e-rate contracts will only be contributed at an organic growth rate, Fitch considers the lump-sum contribution of 5% to be unlikely; however, the scenario is meant to increase exposure to assets which, in its view, represent a higher degree of uncertainty than average. Rating Impact: The A, B, and C notes are one notch lower versus Fitch's central scenario. Sensitivity Regarding Dish Exposure and Non-renewal Risk Fitch performed a sensitivity to evaluate the impact of non-renewals by Dish/Echostar relating to the pending sale of its Sling TV and Dish TV to AT&T. Dish circuits represent $4.2 million of gross revenues and include only circuits from 2025-1 as 2025-2 circuits were removed given the non-renewal risk. Fitch was informed that the contracts have steep termination penalties, which makes it cost-prohibitive to terminate early. They have a weighted average remaining term of 28 months versus a weighted average original term of 59 months. Total revenue under contractual protection is $9.9 million (assuming contractual make-whole for early termination), which offers some risk mitigation. In this sensitivity, Fitch applies an additional 47.3% haircut to the Dish circuits' annual contractual revenue on top of the central-scenario haircuts. The 47.3% reflects the remaining term as a fraction of the original term, allowing partial credit to the contractual projections while assuming all circuits terminate at the end of their current contracts. In this scenario, FNCF decreases by 1.7%. Rating Impact: The A, B and C notes are one notch lower versus Fitch's central scenario. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Increasing cash flow from rate increases, additional customers, lower expenses or contract amendments could lead to upgrades. A 20% increase in Fitch's NCF indicates the following ratings based on Fitch's determination of MPL: class A1 and A2 to 'Asf' from 'A-sf', class B to 'Asf' from 'BBB-sf', and class C to 'BB+sf' from 'BB-sf'. Upgrades, however, are unlikely given the issuer's ability to issue additional pari passu notes. Also, the senior classes are capped at the 'Asf' category. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. VALLEY JUICE: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Valley Juice, LLC 6800 Koll Center Parkway, Suite 100 Pleasanton, CA 94566 Case No.: 25-41876 Business Description: Valley Juice, LLC operates quick-service restaurants under the Jamba brand, offering smoothies, juices, and related food products in the San Francisco Bay Area. The Company manages franchise locations that provide blended fruit and vegetable beverages, energy bowls, and snacks to retail consumers. Chapter 11 Petition Date: October 8, 2025 Court: United States Bankruptcy Court Northern District of California Judge: Hon. William J Lafferty Debtor's Counsel: Chris Kuhner, Esq. KORNFIELD, NYBERG, BENDES, KUHNER & LITTLE P.C. 1970 Broadway, Ste 600 Oakland, CA 94612 Tel: 510-763-1000 Fax: 510-273-8669 Email: c.kuhner@kornfieldlaw.com Total Assets: $639,209 Total Liabilities: $24,977,816 The petition was signed by Dwayne Redmon as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VTKKUKI/Valley_Juice_LLC__canbke-25-41876__0001.0.pdf?mcid=tGE4TAMA VDR MULTIFAMILY: Section 341(a) Meeting of Creditors on November 14 ------------------------------------------------------------------- On October 5, 2025, VDR Multifamily LLC filed Chapter 11 protection in the . According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 14, 2025 at 01:30 PM by TELEPHONE. About VDR Multifamily LLC VDR Multifamily LLC, doing business as Villa del Rey Apartments, operates a residential apartment community in Dallas, Texas, offering modern rental units with amenities including a swimming pool, fitness center, and landscaped grounds. The Company provides property management, on-site operations, and diverse portfolio management services. It serves the local multifamily housing market, emphasizing convenience to nearby highways, shopping, dining, and entertainment. VDR Multifamily LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33888) on October 5, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Robert T DeMarco, Esq. of DEMARCO MITCHELL, PLLC. VERIJET INC: Seeks Chapter 7 Protection w/ $10.5MM Jet Card Debts ----------------------------------------------------------------- Doug Gollan of Private Jet Cards Comparison reports that the receiver for Verijet filed for Chapter 7 bankruptcy on October 9, 2025, in the U.S. Bankruptcy Court for the Southern District of Florida, 11th Circuit. The filing follows the death of founder Richard Kane last month, September 2025, and a series of legal and financial challenges, with liabilities totaling $38.7 million. A court-appointed representative has been overseeing the company since June 2025, and the bankruptcy petition lists $2.5 million in assets, primarily from an insurance claim related to a Cirrus SF-50 Vision Jet, along with $200 in office furniture and no cash on hand. Verijet's financial exposure to jet card customers is substantial. According to Private Jet Card Comparisons, 81 clients had a combined balance of $10.5 million, with an average of $129,697 per account. Thirty-nine clients held more than $100,000 each, four had over $450,000, and the largest balance was $728,000. Additional debts include judgments from jet card clients, trade accounts, aircraft lessors, and obligations to vendors such as FBOs, fuel suppliers, and former employees. Founded in 2020, Verijet grew quickly, expanding from Florida and the Southeast to the West Coast, Texas, and the Northeast. The company offered hourly charter rates starting at $3,500, with discounted jet card rates as low as $2,500. By 2022, it ranked as the 30th-largest U.S. charter and fractional operator, climbing to 13th by the end of 2023. Rapid growth, however, was accompanied by legal and operational setbacks, including multiple lawsuits from clients, lessors, and former employees alleging unpaid bills and undelivered flights, many of which resulted in default judgments. As of mid-September 2025, FAA records showed Verijet held three Cirrus jets on its certificate, though FlightAware reported only one had flown in the prior three months, the report states. Kane pursued several initiatives to stabilize and expand the company, including partnerships in the aeromedical sector and claims of securing new financing. Upon his return to the company in November 2023, he announced an $85 million capital infusion aimed at decarbonizing private travel and supporting business growth. Plans for a SPAC merger and IPO were also announced. Despite these efforts, Verijet's mounting legal challenges and financial obligations ultimately led to its Chapter 7 filing, closing the chapter on a company that had quickly risen to prominence in the very light jet market, the report relays. About Verijet Inc. Verijet, established in Florida in 2020 by Richard Kane, is a seasoned entrepreneur in aviation and telecommunications, specialized in on-demand charter operations featuring the Cirrus SF50 Vision Jet, a single-engine very light jet known for its efficiency and safety features. Verijet Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bank. S.D. Fla. Case No. 25-21901) on October 9, 2025. In its petition, the Debtor reports $2.5 million in asset and liabilities totaling $38.7 million. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. VF CORP: S&P Withdraws 'B' Short-Term Issuer Credit Rating ---------------------------------------------------------- S&P Global Ratings withdrew its 'B' short-term issuer credit rating and commercial paper rating on U.S.-based VF Corp.'s at the issuer's request. S&P's 'BB' issuer credit rating and stable outlook on the company are unchanged. The company's senior unsecured notes are also rated 'BB.' VICTORIA'S KITCHEN: Seeks Cash Collateral Access Until Nov. 30 -------------------------------------------------------------- Victoria's Kitchen LLC asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania for authority to use cash collateral and provide adequate protection. The Debtor has previously entered into monthly consent agreements with the U.S. Small Business Administration, allowing the use of the agency's cash collateral to maintain business operations. The most recent order permitting such use expires on October 31. However, with the expiration of federal appropriations under the Full-Year Continuing Appropriations and Extensions Act 2025, a government shutdown has commenced, furloughing key personnel at the SBA and Department of Justice. This shutdown prevents timely review and approval of new cash collateral requests. Without access to cash receipts, the Debtor risks operational failure and irreparable harm to the estate. To prevent such harm, the Debtor requests an order from the court allowing continued use of cash collateral under the same terms as the current agreement. The requested extension would last through November 30 or until 21 days after federal appropriations are reinstated. A court hearing is scheduled October 21. About Victoria's Kitchen LLC Victoria's Kitchen, LLC operates as a food service business offering southern-style comfort and soul food dishes, including seafood, lamb, soups, pasta, salads, and desserts. It provides takeout, delivery, and catering services in the Philadelphia, Pennsylvania, and Sicklerville, New Jersey areas, and also runs a food truck service. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13380) on August 26, 2025. In the petition signed by Victoria A. Turner Tyson, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Derek J. Baker oversees the case. Michael Assad, Esq., at Sadek Law Offices, represents the Debtor as bankruptcy counsel. VOYAGER DIGITAL: Court Refuses to Toss Binance Suit Contract Claims ------------------------------------------------------------------- Alex Wittenberg of Law360 reports that on October 9, 2025, a New York bankruptcy judge indicated he was inclined to reject Binance.US's motion to toss out Voyager Digital's breach-of-contract lawsuit over their aborted asset sale. The judge said he believes Voyager has presented a viable claim that merits further examination in court. While no formal ruling has been issued, the judge pointed out that Voyager sufficiently alleged the necessary components of a breach-of-contract action—including a binding agreement, proper performance by Voyager, failure to perform by Binance.US, and resulting financial losses. These elements, he suggested, meet the standard for the case to proceed, the report states. Should the judge's anticipated ruling stand, Voyager's claims will advance within its bankruptcy case, allowing the company to continue pursuing remedies related to the collapsed transaction. The outcome would ensure that key issues surrounding the failed crypto deal remain before the court, the report relays. About Voyager Digital Holdings Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- ran a cryptocurrency platform. Voyager claimed to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provided crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, chief executive officer, the Debtors estimated assets and liabilities between $1 billion and $10 billion. Judge Michael E. Wiles oversees the cases. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Moelis & Company as investment banker; Consello Group as strategic financial advisor; Deloitte Tax, LLP as tax services provider; and Deloitte & Touche, LLP, as accounting advisor. Stretto, Inc., is the claims agent. On July 19, 2022, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq Corporate Restructuring, LLC, as noticing and information agent. The committee also tapped the services of Harney Westwood & Riegels, LP, in connection with Three Arrows Capital Ltd.'s liquidation proceedings in British Virgin Islands. On July 6, 2022, the Debtors filed a joint Chapter 11 plan of reorganization. * * * Following an auction process, the Debtors in September 2022 selected the bid submitted by FTX US' West Realm Shires Inc. as the winning bid for the assets. But after a series of events, FTX collapsed in November 2022, before the sale could be completed. After reopening bidding, Voyager Digital selected the offer from U.S. exchange BAM Trading Services Inc. (doing business as "Binance.US") as the highest and best bid for its assets. Binance's bid is valued at $1.022 billion. In April 2023, Binance.US called off its deal to buy assets of bankrupt crypto lender Voyager Digital, citing a "hostile and uncertain regulatory climate." VSBROOKS INC: Gets Extension to Access Cash Collateral ------------------------------------------------------ VSBROOKS, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral. The Debtor was authorized to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in its budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by City National Bank. The term of the budget expires on October 30 unless further extended at a hearing to take place on October 29. As adequate protection for the Debtor's use of its cash collateral, City National Bank will have a replacement lien on all property acquired or generated by the Debtor after its Chapter 11 filing, with the same priority and extent as the bank's pre-bankruptcy lien. The replacement lien will be junior to fees and costs awarded to bankruptcy professionals. As additional protection, City National Bank will receive a $15,000 monthly payment beginning this month. In 2023, the Debtor and City National Bank entered into a loan agreement backed by the U.S. Small Business Administration. The loan is secured by a blanket lien on all of the Debtor's assets as documented in a UCC-1 financing statement. The loan, originally in the principal amount of $2.5 million, has a remaining balance of approximately $2.39 million. City National Bank is represented by: Melbalynn Fisher, Esq. Ghidotti | Berger LLP 10800 Biscayne Blvd., Suite 201 Miami, FL 33161 Tel: (305) 501-2808 Fax: (954) 780-5578 bknotifications@ghidottiberger.com About VSBROOKS Inc. VSBROOKS Inc., doing business as The 3rd Eye Creative Agency, is a certified women-owned independent full-service marketing agency in Miami specializing in health and wellness brands. With more than 25 years of experience, it focuses on generational healthcare advertising, women's healthcare initiatives, multicultural audience engagement and B2B growth within regulatory compliance. VSBROOKS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18690) on July 29, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by: Jacqueline Calderin, Esq. Email: 305-722-2002 Email: jc@agentislaw.com Robert P. Charbonneau, Esq. Tel: 305-722-2002 Email: rpc@agentislaw.com WARRIORS BOXING: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------------ On October 9, 2025, Warriors Boxing LLC voluntarily filed for Chapter 7 bankruptcy protection in the Southern District of Florida. The company's petition disclosed assets between $0 and $100,000 and liabilities between $100,001 and $1 million. It further stated that its creditor count falls within the range of 1 to 49. About Warriors Boxing LLC Warriors Boxing LLC is a Florida limited liability company. Warriors Boxing LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21894) on October 9, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Peter D. Russin handles the case. The Debtor is represented by George Lambert, Esq., at The Lambert Law Firm P.C. WESTSIDE 1767: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------------- On October 9, 2025, Westside 1767 LLC submitted a voluntary Chapter 7 bankruptcy petition in the U.S. Bankruptcy Court for the Eastern District of New York. Court documents show the company's total liabilities are estimated between $1 million and $10 million. The petition indicates that WESTSIDE 1767 LLC has approximately 1 to 49 creditors. About Westside 1767 LLC Westside 1767 LLC is a single asset real estate company. Westside 1767 LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44879) on October 9, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. WESTSIDE TOW: Case Summary & 19 Unsecured Creditors --------------------------------------------------- Debtor: Westside Tow & Transport, Inc. 2535 Townsgate Road Westlake Village, CA 91361 Case No.: 25-11352 Business Description: Westside Tow & Trucking, Inc. provides general freight and vehicle transport services in Southern California, offering local and long-distance hauling of automobiles and other freight for commercial and individual clients. Chapter 11 Petition Date: October 8, 2025 Court: United States Bankruptcy Court Central District of California Judge: TBD Debtor's Counsel: Tamar Terzian, Esq. TERZIAN LAW GROUP, APC 1122 E. Green Street Suite 200 Pasadena, CA 91106 Tel: (818) 242-1100 Email: tamar@terzlaw.com Total Assets: $3,142,750 Total Liabilities: $6,838,164 The petition was signed by Peter Nduru Wambaa as president. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FJZOBAQ/Westside_Tow__Trucking_Inc__cacbke-25-11352__0001.0.pdf?mcid=tGE4TAMA WESTSIDE TOW: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------- On October 8, 2025, Westside Tow & Trucking Inc. initiated voluntary Chapter 11 bankruptcy proceedings in the Central District of California. The company reported liabilities estimated between $1 million and $10 million. Filings indicate the debtor has between 1 and 49 creditors. About Westside Tow & Trucking Inc. Westside Tow & Trucking Inc. is a Los Angeles area towing and trucking company. Westside Tow & Trucking Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11352) on October 8, 2025. In its petition, the Debtor reports estimated estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Tamar Terzian, Esq., of Terzian Law Group, APC. WFL BUILDERS: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On October 7, 2025, WFL Builders LLC voluntarily filed for Chapter 11 bankruptcy in the Southern District of New York. According to the petition, the company's liabilities are between $0 and $100,000, with an estimated 1–49 creditors. About WFL Builders LLC WFL Builders LLC is a limited liability company. WFL Builders LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-36052) on October 7, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Michelle L. Trier, Esq. of Genova, Malin & Trier, LLP. WHITTAKER CLARK: States Ask Court to Revisit Talc Liability Ruling ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that a coalition representing 14 states and Washington, D.C., asked the Third Circuit Court of Appeals to rethink its September 10, 2025 ruling favoring Brenntag SE, arguing the decision could strip states and victims of their ability to pursue asbestos-related injury claims. The ruling determined that successor liability claims against the former Berkshire Hathaway-owned talc supplier Whittaker Clark & Daniels Inc. belong to its bankruptcy estate. The attorneys general warned that the decision “imperils states’ advocacy for their residents,” cautioning that it may embolden corporations to use bankruptcy to shield themselves from accountability to consumers and victims. About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to-assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WILCOV HOLDINGS: Riverdale Property Sale to Curtis Thompson OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, has permitted Wilcov Holdings, Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns three separate commercial properties located in Georgia. One property is located at 5610 Old National Highway, College Park, Georgia 30349 (College Park), the second property is located at 4849 Mercer University Drive, Macon, Georgia 31210 (Macon), and the third property is located at 827 Highway 138 SW, Riverdale, Georgia 30296 (Riverdale). The Debtor is authorized, but not directed, to sell the real property located at 827 Highway 138 SW, Riverdale, Georgia 30296 (Riverdale) for an amount sufficient to pay Bridgewell Capital, LLC S$700,000.00 as agreed amount plus any deficit on or before October 31, 2025. In the event the sale of said Riverdale property does not close on or before October 31, 2025, the Debtor is authorized, but not directed, to sell said Riverdale property for an amount sufficient to pay Bridgewell Capital, LLC its full claim, unless the Debtor and Bridgwell Capital, LLC mutually agree otherwise. At the closing of the sale, the closing attorney shall pay directly to Bridgewell Capital, LLC said agreed amount plus any deficit amount, if applicable. The respective secured lien in the amount of $700,000.00 plus any deficit amount, if applicable, will attach to all proceeds to the benefit of Bridgewell Capital, LLC. The Debtor shall deposit the remaining proceeds in its debtor-in-possession account as reserve operational funds to be utilized for continued operations and to pay remaining creditors in accordance with a confirmed Plan. The Debtor is authorized to take all actions and to execute and deliver all documents and instruments necessary to implement the relief granted in the Order. About Wilcov Holdings Wilcov Holdings Inc. is a real estate holding company owned and operated by Adrienne Williford and Oliver Williford. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55970) on May 30, 2025. The Debtor tapped Joel D. Myers, Esq., at Myers Law, LLC as counsel, and Ginnett Zabala LLC as accountant. WILDEC LLC: Case Summary & Five Unsecured Creditors --------------------------------------------------- Debtor: Wildec, LLC 6159 Blue Haven Way Clinton, WA 98236 Case No.: 25-01749 Business Description: Wildec, LLC is a single-asset real estate debtor under 11 U.S.C. Section 101(51B) and holds fee simple ownership of a property at 1720 75th Street SW in Everett, Washington, valued at approximately $3.5 million. Chapter 11 Petition Date: October 2, 2025 Court: United States Bankruptcy Court Eastern District of Washington Judge: Hon. Judge Frederick P. Corbit Debtor's Counsel: Lesley D. Bohleber, Esq. BUSH KORNFELD LLP 601 Union St., Suite 5000 Seattle, WA 98101-2373 Tel: 206-292-2110 Fax: 206-292-2104 Email: lbohleber@bskd.com Total Assets: $3,530,234 Total Liabilities: $18,863,682 The petition was signed by Jason P. Decker as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4SF4Q2Q/WILDEC_LLC__waebke-25-01749__0001.0.pdf?mcid=tGE4TAMA Joint Administration Sought Wildec, LLC and Decker & Williams, LLC have asked the U.S. Bankruptcy Court for the Eastern District of Washington to consolidate the administration of their Chapter 11 cases under the case of Wildec, LLC (Bankr. E.D. Wash. Lead Case No. 25-01749). WIN WASTE: Moody's Affirms 'B3' CFR & Alters Outlook to Positive ---------------------------------------------------------------- Moody's Ratings affirmed the ratings of WIN Waste Innovations Holdings Inc. (WIN Waste), including the B3 corporate family rating, B3-PD probability of default rating and B3 rating on the company's senior secured first-lien bank credit facilities. Moody's also changed the outlook to positive from stable. The rating action follows the recent sale of the company's South Broward facility (Broward), with sale proceeds used primarily to pay down roughly $49 million on the company's term loans and about $203 million of amounts drawn on its revolving credit facilities. As a result of the debt reduction, pro forma debt-to-LTM EBITDA (including Moody's standard adjustments) declined to approximately 5.4x from 5.6x at June 30, 2025, with aggregate revolver borrowings at $29 million. The positive outlook reflects the company's improved liquidity, primarily the increased revolver borrowing capacity considering Moody's expects free cash flow will be negative in 2025. The cash flow will be constrained by high capital expenditures (capex), including investments in some one-time key facility upgrades. The improved revolver availability is also positive given the company's exposure to earnings and cash flow pressure from outages at its waste-to-energy (WtE) facilities. Moody's expects free cash flow to be moderately positive in 2026. This will be driven by higher earnings and moderation in capex after a large investment cycle in recent years. Still, Moody's anticipates additional revolver draws will support acquisition funding, working capital and capex needs. The ratings affirmation reflects Moody's expectations for improving credit metrics into 2026, building on the company's positive momentum, with leverage falling toward 5.1x over the next year. RATINGS RATIONALE WIN Waste's ratings reflect its modest scale with a primary regional focus in the Northeast US, capital intensive business model that constrains free cash flow and high financial leverage driven in part by debt funded acquisitions. The company is also exposed to earnings and cash flow volatility from fluctuating commodity prices and wholesale power markets in its energy business (about 18% of revenue), though the risk is partially mitigated by energy hedges. Labor cost inflation and rising landfill operating costs will continue to weigh on margins, along with industrial volume pressures amid uncertain macroeconomic conditions. However, Moody's expects the company to benefit from pricing escalators on existing contracts, higher pricing on contract renewals and the exit of lower margin contracts, as well as efficiency improvements and continued focus on managing costs. Moody's expects these factors to improve earnings and cash flow over the next 12-18 months. WIN Waste benefits from mostly stable waste disposal demand, underpinned by long term contracts and valuable infrastructure assets with high barriers to entry that support a recurring revenue base. The company's disposal capabilities are supported by strategically located facilities and rail-connected transfer stations. These factors make the company well-positioned to capture growing demand in its core Northeast US region, which is facing a decline in landfill disposal capacity and a supply-demand imbalance. Moody's expects these fundamentals to sustain favorable pricing conditions and support stronger margins in upcoming years. Recent investments to tap landfill gas for RNG production beginning in 2026 will also contribute to EBITDA growth, though also exposing the company to energy/gas price volatility. Moody's expects WIN Waste to maintain adequate liquidity, supported by its cash balance and Moody's expectations for adequate revolver availability. However, Moody's expects negative free cash flow in the near term driven by high capex and exposure to WtE unplanned downtime and overruns on scheduled maintenance outages. Moody's expects annual free cash flow to turn positive in 2026. The revolving credit facilities are subject to a springing maximum first-lien net leverage covenant of 7x, tested if borrowings exceed 35% of the revolver commitment and subject to certain carve-outs related to letters of credit. Additionally, the $315 million revolver expiring in January 2028 has provisions for minimum liquidity of $75 million. Moody's expects the company to maintain compliance and believe any amounts remaining outstanding on the revolving tranche due March 2026 will be absorbed into the 2028 revolver. The term loan has no financial maintenance covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded with deteriorating operating results, including if Moody's expects declining revenue or weakening margins. Expectations for debt-to-EBITDA to increase or EBITDA less capex to interest to remain below 1.0x could also result in a downgrade. Sustained negative free cash flow, increased reliance on the revolver and/or an increasing reliance on equity infusions from the sponsor for liquidity could also drive a ratings downgrade. The ratings could be upgraded with profitable and prudent expansion of the company's operating footprint beyond its primary northeast US markets for greater scale. Improving margins, such that debt-to-EBITDA is sustained below 5.5x and EBITDA less capex to interest approaches 1.25x, could also support a ratings upgrade. The maintenance of good liquidity, including sustained positive free cash flow and ample revolver availability would also be a prerequisite for an upgrade. The principal methodology used in these ratings was Environmental Services and Waste Management published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WIN Waste Innovations Holdings Inc., is an indirect wholly-owned subsidiary of Wheelabrator Technologies, Inc. The company was formed in January 2021 from the combination of Wheelabrator and Tunnel Hill Partners, LP, a leading integrated waste-by-rail company in the US which owns and operates a network of collection and transfer assets in the Northeast US. WIN Waste and its subsidiaries, including the legacy Wheelabrator entities and Tunnel Hill Partners, LP, are owned by affiliates of Macquarie, a private equity firm. Revenue approximated $1.2 billion for the twelve months ended June 30, 2025. WOLVERINE WORLD: S&P Raises $600MM Revolver Rating to 'BB-' ----------------------------------------------------------- S&P Global Ratings raised its issue-level rating on Wolverine World Wide Inc.'s $600 million amended and extended revolver due Sept. 24, 2030, to 'BB-' from 'B+' and revised the recovery rating to '1' from '2'. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. These rating actions reflect Wolverine's smaller revolver commitment and repayment of its term loan A, which have reduced the amount of secured debt outstanding at emergence under our simulated default scenario. S&P said, "At the same time, we affirmed our 'B-' issue-level rating on the company's $550 million senior notes due 2029. The '5' recovery rating is unchanged, indicating our expectation for modest (10%-30%, rounded estimate: 20%) recovery in the event of a payment default. "In addition, we withdrew our 'B+' issue-level rating and '2' recovery rating on Wolverine's term loan A facility because it has been repaid. "Our 'B' issuer credit rating and stable outlook on Wolverine are unchanged. The company improved its S&P Global Ratings-adjusted leverage to 5x for the 12 months ended June 28, 2025. Wolverine had total debt outstanding of about $708 million as of June 28, 2025." Issue Ratings--Recovery Analysis Key analytical factors -- The company's capital structure comprises a $600 million revolving credit facility due Sept. 24, 2030; a $125 million accounts-receivable securitization facility, which S&P views as priority debt; and $550 million of senior unsecured notes due 2029. -- S&P said, "Wolverine is based in the U.S. In the event of an insolvency proceeding, we anticipate that the company would file for bankruptcy protection under the auspices of the U.S. federal bankruptcy court system and would not involve other foreign jurisdictions. We believe its creditors would receive maximum recovery in a payment default scenario if the company reorganized instead of being liquidated because of its good market position in the very fragmented and competitive footwear industry and well-known portfolio of brands." -- Therefore, in evaluating the recovery prospects for its debtholders, S&P assumes the company continues as a going concern and arrive at its emergence enterprise value by applying a multiple to its assumed emergence EBITDA. Simulated default assumptions -- S&P's simulated default scenario contemplates a default occurring in 2028 due to competitive pressures, a reputation-damaging event, the loss of a major customer, or a spike in input costs that cannot be passed along to its clients. A combination of these factors could substantially reduce Wolverine's revenue and cash flows, triggering a payment default. -- Debt service assumption: $63.8 million (assumed default year interest and amortization) -- Minimum capital expenditure assumption: $18.1 million -- Preliminary emergence EBITDA: $81.8 million -- Operational adjustment: 60% -- Emergence EBITDA: $131 million -- S&P said, "We estimate a $786 million gross emergence enterprise value, which incorporates a 6x multiple to its emergence EBITDA. This multiple is in line with those we use for other U.S.-based apparel and footwear issuers." Simplified waterfall -- Emergence EBITDA: $131 million -- Multiple: 6x -- Gross recovery value: $785.8 million -- Net recovery value (after 5% administrative cost): $746.5 million -- Valuation split (obligor/nonobligors): 70%/30% -- Priority claims: $101.8 million -- Collateral for secured creditors: $566.3 million -- First-lien claims: $523.1 million --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Residual for unsecured claims: $121.6 million -- Total unsecured claims: $561 million --Recovery expectations: 10%-30% (rounded estimate: 20%) Note: All debt amounts include six months of prepetition interest. XTREME SPORTS: Scott Seidel Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for Xtreme Sports Group Chattanooga, LLC. Mr. Seidel will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About Xtreme Sports Group Chattanooga Xtreme Sports Group Chattanooga, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43798) on October 1, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Edward L. Morris presides over the case. Robert Thomas DeMarco, Esq., represents the Debtor as legal counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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